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 $27 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?

Incorrect journal entry below:

• DB Retained Earnings 75 CR Common stock dividends distributable 3 CR Paid-in capital - excess of par 72