Calculating conversion value a $1,000 par convertible debenture has a conversion price for common stock of $40

Question:

Calculating conversion value a $1,000 par convertible debenture has a conversion price for common stock of $40 per share. With the common stock selling at $55, what is the conversion value of the bond?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...