The market value of Yeates Corporations common stock had become excessively high. The stock was currently selling for $240 per share. To reduce the market price of the common stock, Yeates declared a 3-for-1 stock split for the 220,000 outstanding shares of its $8 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.)