you should use market value however book value can be used as proxy

market value of equity is equal to market cap of the company. Is this right?

how can I calculate the market value of debt? I can get the book value of debt from balance sheet.

i found below definition on the next. can you check if this correct?

Estimating market value of debt
The market value of debt is usually more difficult to obtain directly, since very few firms have all their debt in the form of bonds outstanding trading in the market. Many firms have non-traded debt, such as bank debt, which is specified in book value terms but not market value terms. A simple way to convert book value debt into market value debt is to treat the entire debt on the books as one coupon bond, with a coupon set equal to the interest expenses on all the debt and the maturity set equal to the face-value weighted average maturity of the debt, and then to value this coupon bond at the current cost of debt for the company. Thus, the market value of $1 billion in debt, with interest expenses of $60 million and a maturity of 6 years, when the current cost of debt is 7.5% can be estimated as follows:
Estimated Market Value of Debt = million
If you want a more precise estimate, you can estimate the market value of each debt issue separately and adding them all up at the end.

Yes Market cap is the Market value of equity.

Yes it is correct ( way to calculate Market value of debt)