Boyd Corporation issued $1,500,000 of 9% nonconvertible bonds at 107, due in 10 years. Each $1,000 bond was issued with 45 detachable stock warrants, each of which entitled the holder to purchase, for $70, one share of Boyd's $40 par common stock. The market price of each warrant was $7. How much of the proceeds should be allocated to the warrants issued? Amount of proceeds allocated to the warrants issued