Tim Howard Gloves issued $5\mathrm{.}50\%$ bonds with a face

amount of $$38$ million, together with $10$ million

shares of its $$1$ par common stock, for a combined

cash amount of $$72$ million. The fair value of

Howard's stock cannot be determined. The bonds

would have sold for $$32$ million if issued separately.

For this transaction, Howard should record paid$-$in

capital$$excess of par in the amount of:

$$ A$)$ $$30$ million.

$$ B$)$ $$26$ million.

$$ C$)$ $$24$ million.

$$ D$)$ $$40$ million.