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Accounting

Question - On June 13, the board of directors of Siewert Inc. declared a 3-for-1 stock split on its 72 million, $7 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $27 on June 13.

(a) Prepare the journal entry to record the stock split if it is not to be effected in the form of a stock dividend.

(b) What is the par per share after the split?

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