On March 1, Year 4, Evan Corp. issued $1 million of 10%, nonconvertible bonds at 103. They were due on February 28, Year 14. Each $1,000 bond was issued with 30 detachable stock warrants, each of which entitled the holder to purchase, for $50, one share of Evan common stock, par value $25. On March 1, Year 4, the quoted market value of Evan's common stock was $20 per share, and the market value of each warrant was $4. What amount of the bond issue proceeds should Evan record as an increase in equity?