On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 60 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $25 on June 13.
Prepare the journal entry to record the stock split if it is not to be effected in the form of a stock dividend. (If no entry is required for a particular event, select "No journal entry required" in the first account field.)
What is the par per share after the split? (Round your answer to 2 decimal places.)