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$)8,000,000$

Retained earnings $5,000,000$

Total debt and equity $$37,500,000$

The bonds have a $6\mathrm{.}7\%$ coupon rate, payable semiannually, and a par value of $$1,000.$ They mature exactly $10$ years from today. The yield to maturity is $10\%,$ so the bonds now sell below par. What is the current market value of the firm's debt? Do not round your intermediate calculations.