Tim Howard Gloves issued 5.75% bonds with a face amount of $39 million, together with 12 million shares of its $1 par common stock, for a combined cash amount of $74 million. The fair value of Howard's stock cannot be determined. The bonds would have sold for $33 million if issued separately. For this transaction, Howard should record paid-in capitalexcess of par in the amount of:

Multiple Choice

$25 million

$23 million

$41 million

$29 million