Alligator Corp. issued 95,000 preferred shares and received proceeds of $6,000,000. These shares have a par value of $48 per share and pay cumulative dividends of 6%. Buyers of the preferred shares also received a detachable warrant with each share purchased. Each warrant gives the holder the right to buy one common share at $35 per share within 10 years. The underwriter estimated that the market value of the preferred shares alone, excluding the conversion rights, is approximately $57 per share. Shortly after the issuance of the preferred shares, the detachable warrants traded at $8 each.

What is the total value of the warrants recorded by Alligator Corp. at the time of the share issuance? 760000