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	1,000,000
Common stock ($10 par)	12,000,000
Retained earnings	5,000,000
Total debt and equity	$41,500,000

The bonds have an 8.7% 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.

a. $19,756,046

b. $19,052,538

c. $20,504,478

d. $18,895,314

e. $19,118,252