Supreme Bancshares has 35,000 shares of $8 par value common stock outstanding. Suppose Supreme declares and distributes 5%stock dividend when the market value of its stock is $16 per share.

1. Journalize 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 's total assets? On total liabilities? On total stockholders' equity?1. Journalize '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.)