Tim Howard Gloves issued 5.00% bonds with a face amount of $36 million, together with 6 million shares of its $1 par common stock, for a combined cash amount of $68 million. The fair value of Howard's stock cannot be determined. The bonds would have sold for $30 million if issued separately. For this transaction, Howard should record paid-in capitalexcess of par in the amount of:

Multiple Choice:

$32 million

$26 million

$28 million

$38 million