The market value of Yeates Corporations common stock had become excessively high. The stock was currently selling for $300 per share. To reduce the market price of the common stock, Yeates declared a 5-for-1 stock split for the 260,000 outstanding shares of its $10 par value common stock.

Required

2. Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.)