Tim Howard Gloves issued 5.75% bonds with a face amount of $28 million, together with 12 million shares of its $1 par common stock, for a combined cash amount of $52 million. The fair value of Howard's stock cannot be determined. The bonds would have sold for $22 million if issued separately. For this transaction, Howard should record paid-in capitalexcess of par in the amount of:

Multiple Choice

$14 million

$18 million

$12 million

$30 million