Element Water Sports has 10,000 shares of $3 par value common stock outstanding Crystal Clear distributes a 5% stock dividend when the market value of its stock is $15 per share. Requirement 1. Journalize Element's declaration of the stock dividend on Sep. 15 and distribution on Sep. 30. 2. What is the overall effect of the stock dividend on Element's total assets? 3. What is the overall effect on total stockholders' equity?

Element Water Sports has 10,000 shares of $3 par value common stock outstanding. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Read the Requirement 1. Journalize Element's declaration of the stock dividend on September 15 and distribution on September 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on September 15