Tim Howard Gloves issued 5.25% bonds with a face amount of $37 million, together with 8 million shares of its $1 par common stock, for a combined cash amount of $70 million. The fair value of Howard's stock cannot be determined. The bonds would have sold for $31 million if issued separately. For this transaction, Howard should record paid-in capital-excess of par in the amount of: Multiple Choice \$31 million $39 million $25 million \$27 million