Barley, Inc. sold $30,000 of 8% bonds for $40,200. Each $1,000 bond carried eight stock warrants and each warrant allowed the holder to acquire one share of $10 par stock for $16 a share. After the issuance of the securities, the bonds were quoted at 104 and the warrants were quoted at $4 each. Later, one-half of the warrants were exercised. At date of exercise, how much should be credited to Paid-in Capital-in excess of par?

$1,320

$ 720

$ 600

$2,640