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. KJM Corporation's balance sheet (book values) as of today is as follows: Long-term debt (bonds, at par) $23,500,000 Preferred stock Common stock ($10 par) 3,000,000 10,000,000 Retained earnings Total debt and equity 5,000,000 $41,500,000 The bonds have an 8.5% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 20 years from today. The yield to maturity is 12%, so the bonds now sell below par. What is the current market value of the firm's debt? Do not round your intermediate calculations. O a. $17,280,252 O b. $18,213,860 Oc. $17,356,383 Od. $17,312,210 Oe. $19,146,808