On May 1, Highland Software Ltd. has 74,000 common shares issued and outstanding. Suppose Highland distributes a 15% stock dividend on May 11 when the market price (fair value) of its shares is $14.00 per share. Journalize Highland's declaration of the shares dividend. An explanation is not required. 1. 2. What was the overall effect of the stock dividend on Highland's total assets? What about on its total liabilities and its total shareholders' equity? Requirement 1. Journalize Highland'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 Requirement 2. What was the overall effect of the stock dividend on Highland's total assets? What about on its total liabilities and its total shareholders' equity? The stock dividends have The stock dividends have The stock dividends have on total assets. on total liabilities. on total shareholders' equity. a negative effect a positive effect no effect Next