Sophies Tobacco Shop has total assets of $91.8 million. Fifty percent of these assets are financed with

Question:

Sophie’s Tobacco Shop has total assets of $91.8 million. Fifty percent of these assets are financed with debt of which $28.9 million is current liabilities. The firm has no preferred stock, but the balance in common stock and paid-in surplus is $20.4 million. Using this information what is the balance for long-term debt and retained earnings on Sophie’s Tobacco Shop’s balance sheet?

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