On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 40 million, $2 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $18 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. What is the par per share after the split?