Wolverine Corp. currently has $5,000,000$ in equity outstanding and $1,000,000$ in debt outstanding. The firm currently has $500,000$ shares of common stock outstanding. The firm is contemplating issuing an additional $1,000,000$ in debt and using the proceeds to repurchase shares. The corporate tax rate is $40\%.$ Assume perfect markets except for the above corporate taxes.

Calculate the total market value of the firm's $($i$)$ debt and $($ii$)$ equity immediately after the refinancing plan is announced $($but before it is actually executed$).$