On June $13,$ the board of directors of Siewert Incorporated declared a $2-$for$-1$ stock split on its $80$ million, $$1$ par, common shares, to be distributed on July $1.$ The market price of Siewert common stock was $$22$ on June $13.$

Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is not to be effected in the form of a stock dividend. What is the par per share after the split?