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: $23,500,000 Long-term debt (bonds, at par) Preferred stock Common stock (S10 par) 2,000,000 10,000,000 Retained earnings 4,000,000 Total debt and equity $39,500,000 The bonds have a 8.3% 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? $19,708,741 $22,073,790 $24,241,752 $21,679,615 $15,569,906