In order to accurately assess the capital structure of a firm, it is necessary to convert its balance sheet figures to a market value basis. KJM Corporation's balance sheet 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 Retained earnings 4,000,000 Total debt and equity $39,500,000 The bonds have a 8.4 percent coupon rate, payable semiannually, and a par value of $1,000. They mature exactly 10 years form today. The yield to maturity is 11 percent, so the bonds now sell below par. What is the current market value of the firm's debt?