Lakeside Water Sports has 18,000 shares of $2 par value common stock outstanding. Lakeside distributes a 5% stock dividend when the market value of its stock is $24 per share. Read the requirements. Requirement 1. Journalize Lakeside's declaration of the stock dividend on July 15 and distribution on July 31. (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 July 15. Date Accounts and Explanation Debit Credit Jul. 15 Requirements 1. Journalize Lakeside's declaration of the stock dividend on July 15 and distribution on July 31. 2. What is the overall effect of the stock dividend on Lakeside's total assets? 3. What is the overall effect on total stockholders' equity? Print Done