An analyst is trying to determine the capital structure for Big Dawg Incorporated. After some careful research, the analyst knows the following:

--Big Dawg has 1.68 million shares of common stock trading today at $20.67 per share. The book value of Big Dawg common stock is $14.00 million. The cost of equity for the firm is estimated to be 12.00%.

--Big Dawg has $7.00 million in long-term debt on its balance sheet. The debt is trading at 90.00% of face value in the market with a yield to maturity of 10.00%. The tax rate facing the firm is 37.00%.

What portion is equity in the firms capital structure?