A company was organized on January 1, 2020. It is authorized to issue 200,000 shares of 5%, $10 par value preferred stock, and 116,000 shares of common stock with a par value of $2 per share. On March 1st, the company issued 16,000 shares of preferred stock for a building. The asking price of the building was $432,000; the fair value of the building was $306,000. In the journal entry to record this transaction, how much should be recorded for Paid-in Capital in Excess of Par Preferred Stock?