Downtown Bancshares has 40,000 shares of $8 par common stock outstanding. Suppose Downtown declares and distributes a 16% stock dividend when the market value of its stock is $20 per share. 1. Journalize Downtown's declaration and distribution of the stock dividend on May 11. An explanation is not required. 2. What was the overall effect of the stock dividend on Downtown's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Downtown's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit May 11 2. What was the overall effect of the stock dividend on Downtown's total assets? On total liabilities? On total stockholders' equity? The stock dividends have on total assets. The stock dividends have on total liabilities. The stock dividends have on total stockholders' equity