Chorston Oil Rigs issued $1,000,000 of 10-year, 6% convertible bonds, at 91. Interest is paid annually on the bonds. Each $1,000 bond is convertible into 50 common shares, which are currently trading at $17 per share. Similar straight bonds carry an interest rate of 8%. Six years later, when the carrying amount of the bonds was $933,757, the bond holders decided to convert the bonds to common shares. What is the value of the common shares that were issued upon conversion?

Question 3 options:

$910,000

$1,067,959

$977,959

$933,757