On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 120 million, $5.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $23 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is to be effected in the form of a 100% stock dividend. What is the par per share after the split?

On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 120 million, $5.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $23 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is to be effected in the form of a 100% stock dividend. What is the par per share after the split? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Journal Par value Prepare a journal entry that summarizes the declaration and distribution of the stock split if it is to be effected in the form of a 100% stock dividend. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Event General Journal Debit Credit 1 1 120 X Paid-in capital - excess of par Common stock 120