Phillips Company acquires all of the outstanding stock of Sylvania Company by issuing 20,000 shares of its own $5 par value stock. The market value of its stock at the date of issuance was $50 a share. Also in conjunction with the acquisition Phillips incurred the following costs: $8,000 in finders fees, $12,000 in legal fees and $9,000 in stock issuance fees. What amount of paid in capital will be record for the issuance of the new shares?

	1.	$0
	2.	$891,000
	3.	$900,000
	4.	$1,000,000
	5.	None of the above