1.Tim Howard Gloves issued 10-year, 5.75% bonds, paying interest semi-annually with a face amount of $22 million to yield 7.56%, together with 4 million shares of its $1 par common stock, for a combined cash amount of $44 million. The fair value of Howard's stock cannot be determined.For this transaction, Howard should record paid-in capitalexcess of par in the amount of: