Lynn Company has outstanding 60,000 common shares of $10 par value and 25,000 preferred shares of $20 par value (8 percent). On December 1, 2020, the board of directors voted an 8 percent cash dividend on the preferred shares and a 10 percent stock dividend on the common shares. At the date of declaration, the common share price was $35 and the preferred share price was $20 per share. The dividends are to be paid, or issued, on February 15, 2021. The annual accounting period ends December 31. Required: Indicate the comparative effects of the two dividends on the assets, liabilities, and shareholders equity (a) through December 31, 2020, (b) on February 15, 2021, and (c) in regard to the overall effects from December 1, 2020, through February 15, 2021. Use the following structure: (If the transaction has no affect on the statement, select "No effect" from the dropdown.)