Highland Bancshares has 34,000 shares of $8 par value common stock outstanding. Suppose Highland declares and distributes an 8% stock dividend when the market value of its stock is $18 per share. 1. Journalize Highland'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 Highland's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Highland'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