Oriole Company had two issues of securities outstanding: common stock and an 7% convertible bond issue in the face amount of $15600000. Interest payment dates of the bond issue are June 30th and December 31st. The conversion clause in the bond indenture entitles the bondholders to receive forty shares of $20 par value common stock in exchange for each $1000 bond. On June 30, 2021, the holders of $2340000 face value bonds exercised the conversion privilege. The market price of the bonds on that date was $1100 per bond and the market price of the common stock was $35. The total unamortized bond discount at the date of conversion was $930000. In applying the book value method, what amount should Oriole credit to the account "paid-in capital in excess of par," as a result of this conversion?

$ 702000.

$ 328500.

$1404000.

$ 156000.