29. In order to accurately assess the capital structure of a firm it is necessary to convert its balance sheet figures from historical book values to market values. KIM Corporation's balance sheet (book values) as of today is as follows: Long-term debt (bonds, at par) Preferred stock Common stock ($10 par) Retained eamings Total debt and equity $23.500.000 2,000,000 10.000.000 4.000.000 $39.500.000 The bonds have a 8.3% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years from today. The yield to maturity is 11%, so the bonds now sell below par. What is the current market value of the firm's debt? a $19,708, 741 b. $22,073,790 c. $24,241,752 d. $21,679,616 e. $15,569,906