13. The following is the balance sheet for XYZ Corporations as at December 31, 2015Long-term debt (bonds, at par) $10,000,000Preferred stock 2,000,000Common stock ($10 par) 4,000,000Total Liabilities and Equity $16,000,000The bonds have a 4 percent coupon rate, payable semiannually, and a par value of $1,000.They mature in 10 years time. The yield to maturity is 12 percent, so the bonds now sellbelow par. Determine the current market value of the firms debt?