Jake issued $8,000,000 of 5%, 2-year convertible bonds on 01-01-14 when the market rate for similar bonds was 5%. The bonds were dated 01-01-14 with interest payable January 01 and July 01. Jake incurred and paid $70,000 of bond issuance costs. On 07-01-15 after making its interest payments, all of the bonds were converted into 50,000 shares of Jakes $1 par value common stock. Jake only prepares AJEs every December 31.

By what amount will the entry to record the 07-01-14 conversion increase Jakes additional paid-in-capital?