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) $10,000,000 preferred stock 2,000,000 common stock ($10 par) 10,000,000 retained earnings 4,000,000 total debt and equity $26,000,000 the bonds have a 4.0% 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?