On March 1, 2016, Ruiz Corporation issued $800,000 of 8% nonconvertible bonds at 104, which are due on February 28, 2036. In addition, each $1,000 bond was issued with 25 detachable share warrants, each of which entitled the bondholder to purchase for $50 one share of Ruiz ordinary shares, par value $25. The bonds without the warrants would normally sell at 95. On March 1, 2016, the fair value of Ruizs ordinary shares was $40 per share and the fair value of the warrants was $2. What amount should Ruiz record on March 1, 2016 as share premiumshare warrants?