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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

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 the journal entry to record 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?

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