Triple water sports has 14,000 shares of $ 1 per value coommon stock outstanding. Triple distributes a 15% stock dividend when the market value of its stock is $24 per share.

Requirements

1. Journalize Triples declaration of the stocks dividends on may 15 and distribution on may 31

2. what is the overall effect of the stock dividend on triples total assets?

3. What is the overall effect on total stockholders equity?