Reading Railroad common stock is currently priced at $30, and its 8% convertible debentures (issued at par, or $1,000) are priced at $850.

Reading Railroad common stock is currently priced at $30, and its 8% convertible debentures (issued at par, or $1,000) are priced at $850.  Each debenture can be converted into 25 shares of common stock at any time before 2005.  What is the conversion price (CP) and the conversion value of the bond?