The Rand Company wants to raise additional equity capital. The company decides to issue 5,000 shares of $25 par preferred stock with detachable warrants. The package of the stock and warrants sells for $105. Each warrant enables the holder to purchase two shares of $10 par common stock at $30 per share. Immediately following the issuance of the stock, the stock warrants are selling at $14 each. The market value of the preferred stock without the warrants is $96. The market value of the common stock is $33.79. What amount is assigned to the warrants when the transaction is recorded?

a. $66,818

b. $37,912

c. $70,000

d. $52,500