On March 1, 2017, Atlas Corporation issued $1,000,000 of 8% nonconvertable bonds at 105, which are due on February 28, 2037. In addition, each $1,000 bond was issued with 20 detachable warrants, each of which entitled the bondholder to purchase for $50 one share of Atlas common stock, par value $25. The bonds without the warrants would normally sell at 96. On March 1, 2017, the fair value of Atlas' common stock was $40 per share and the fair value of warrants was $2.00.

What amount should Atlas record on March 1, 2017 as paid-in capital from stock warrants?