$(12-5)$ At year$-$end $2019,$ Wallace Landscaping's total assets were $\backslash (\backslash$$ $2\mathrm{.}17\backslash )$ million, and its ac$-$Long$-$Term counts payable were $\backslash (\backslash$$ $560,000\backslash ).$ Sales, which in $2019$ were $\backslash (\backslash$$ $3\mathrm{.}5\backslash )$ million, are expected to inancing Needed increase by $\backslash (35\backslash \%\backslash )$ in $2020.$ Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $\backslash (\backslash$$ $625,000\backslash )$ in $2019,$ and retained earnings were $\backslash (\backslash$$ $395,000\backslash ).$ Wallace has arranged to sell $\backslash (\backslash$$ $195,000\backslash )$ of new common stock in $2020$ to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long$-$term debt at the end of $2020.($Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.$)$ Its net profit margin on sales is $\backslash (5\backslash \%\backslash ),$ and $\backslash (45\backslash \%\backslash )$ of earnings will be paid out as dividends. a$.$ What were Wallace's total long$-$term debt and total liabilities in $2019?$ b$.$ How much new long$-$term debt financing will be needed in $2020?($Hint: AFN New stock $=$ New long$-$term debt.$)$