e. $1,500.06 14- In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet Higures from historical book values to market values. KJM Corporation's balance sheet (book values) as of today is as follows: $23,500,000 Long-term debt (bonds, at par) Preferred stock 2,000,000 Common stock ($10 par) 10,000,000 Retained earnings 4,000,000 $39,500,000 Total debt and equity The bonds have a 8.4% 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. $19,849,158 b. $21,238,599 c. $15,085,360 d. $18,459,717 e. $22,231,057