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 3,000,000 13,000,000 3,000,000 $44,500,000 The bonds have a 9.3% coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 20 years from today. The yield to maturity is 13%, so the bonds now sell below par. What is the current market value of the firm's debt? Do not round your intermediate calculations. a. $21,037,843 b. $18,799,688 c. $18,826,848 d. $19,917,097 e. $18,872,147 Show All Feedback