Supreme Bancshares has 34,000 shares of $4 par value common stock outstanding. Suppose Supreme declares and distributes a 6% stock dividend when the market value of its stock is $24 per share 1. Journalize Supreme'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 Supreme's total assets? On total liabilities? On total stockholders' equity? 1. Journalize Supreme'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.) May Journal Entry Date Accounts 11 Retained Earnings Common Stock Paid-in Capital in Excess of Par-Common Debit Credit 48960 8160