Apple-Honey Incorporated has a convertible bond outstanding. Apple-Honey Incorporated reports the following information when the bondholders exercise the conversion option:

Item	Amount
Face value of bonds	$602,000
Unamortized premium on bonds payable	$2,000
Market value of the bond	$621,000
Number of shares bond converts into	1,000
Par value per share	$4
Market value per share	$30

How much paid-in capital in excess of par is recorded due to the conversion of the bonds?

$26,000

$600,000

$617,000

$591,000