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) Preferred stock Common stock ($10 par) Retained earnings Total debt and equity $25,500,000 2,000,000 12,000,000 5,000,000 $44,500,000 The bonds have an 8.2% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 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. $21,442,688 O b. $19,942,823 O c. $19,746,370 O d. $20,024,934 O e. $20,662,331