On June 13, the board of directors of Siewert Incorporated declared a 2-for-1 stock split on its 40 million, $2.00 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $18 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?