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 4,000,000 Retained carnings Total debt and equity $39,500,000 The bonds have a 8.4% 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? a) $18,459,717 Ob) $21,238,599 c) $19,849,158 d) $22,231,057 Oe) $15,085,360