TB MC Qu. 18-57 (Algo) Tim Howard Gloves issued...

Tim Howard Gloves issued 6.50% bonds with a face amount of $31 million, together with 18 million shares of its $1 par common stock, for a combined cash amount of $58 million. The fair value of Howard's stock cannot be determined. The bonds would have sold for $25 million if issued separately. For this transaction, Howard should record paid-in capitalexcess of par in the amount of:

Multiple Choice

• $33 million

• $15 million

• $11 million

• $9 million