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$)$ $$25,500,000$

Preferred stock $2,000,000$

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

Retained earnings $3,000,000$

Total debt and equity $$40,500,000$

The bonds have a $9\mathrm{.}4\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $20$ 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.