On March 1, 2021, Riley Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due on February 28, 2041. In addition, each $1,000 bond was issued with 25 detachable stock warrants, each of which entitled the bondholder to purchase for $50 one share of Ruiz common stock, par value $25. The bonds without the warrants would normally sell at 95. On March 1, 2021, the fair value of Ruiz's common stock was $40 per share and the fair value of the detachable warrants was $2.00 each. What amount should Ruiz record on March 1, 2021 as paid-in capital from stock warrants?

$104,000

$73,600

$85,200

$100,000