On March 1, 2016, E Corp. issued $1,500,000 of 14% nonconvertible bonds at 109, due on February 28, 2026. Each $1,000 bond was issued with 20 detachable stock warrants, each of which entitled the holder to purchase, for $70, one share of Evan's $15 par common stock. On March 1, 2016, the market price of each warrant was $4. By what amount should the bond issue proceeds increase shareholders' equity?