Bobby Company has a stock option plan in which 120,000 stock options were granted, each allowing for the purchase of one share of $.33 par value common stock. The exercise price was $50 per share. Employees had to remain with the company for 4 years before exercising the options. Using the Black-Scholes model, the fair value of the options was $12 per option. In Year 5, 100,000 options were exercised when the market price was $84. How much does the company receive on exercise of the option?