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: 2,000,000

Common stock ($10 par): 10,000,000

Retained earnings: 4,000,000

Total debt and equity: 39,500,000

The bonds have a 7.0% 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 (hint: bond price* number of bond shares)? (Must include obtained data in excel spreadsheet format and include the data inputs in the spreadsheet)