On May 1, Element Software Ltd. has 86,000 common shares issued and outstanding. Suppose Element distributes a 17% stock dividend on May 11 when the market price (fair value) of its shares is $9.00 per share. 1. Journalize Element's declaration of the shares dividend. An explanation is not required 2. What was the overall effect of the stock dividend on Element's total assets? What about on es total abilities and its total shareholders' equity Requirement 1. Journalize Element's declaration of the shares dividend. An explanation is not required. (Record debits first, then credits, Explanations are not required.) Date May 11 Accounts Debit Credit