On July 1, 2018, after recording interest and amortization, Acteon Co. converted $1,000,000 of its 5% convertible bonds into 50,000 shares of $1 par value common stock. On the conversion date the market value of the bonds was $1,250,000, Acteons common stock was publicly trading at $21 per share, and the unamortized bond premium and bond issue costs were $30,000 and $50,000, respectively. Using the book value method, what amount of additional paid-in capital should Acteon record as a result of the conversion?