Assume that Torchbearer, Inc. has issued 500 of the following convertible debentures: each $1,000 bond is convertible into five shares of $2 par common. Assume that the bonds were sold at a premium and that each bond has a current unamortized premium equal to $50. What is the total amount that will be added to additional paid-in capital if these securities are converted?

Group of answer choices

$550,000

$545,000

$450,000

$445,000

None of the answers provided