Element Bancshares has 35,000 shares of $2 par value common stock outstanding. Suppose Element declares and distributes a 20% stock dividend when the market value of its stock is $22 per share. 1. Journalize Element'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 Element's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Element'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 Accounts Date Debit Credit May 11 2. What was the overall effect of the stock dividend on Element's total assets? On total liabilities? On total stockholders' equity? The stock dividends have V on total assets. The stock dividends have on total liabilities. The stock dividends have on total stockholders' equity. a negative effect a positive effect no effect