7. Problem 17.08 (Long-Term Financing Needed) At year-end 2021, total assets for Amington Ine, were $1.9 million and accounts payable were $325,000. 5ales, which in 2021 were $2.30 million, are expected to increase by 30%. in 2022. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Afrington typically uses no current fiabilities other than accounts payable. Common stock amounted to $415,000 in 2021 , and retained earnings were $475,000. Arrington plans to sell new common stock in the amount of $150,000. The firm's profit margin on sales is 4%; 65% of earnings will be retained. a. What were Arrington's total liabilities in 2021? Write out your answer completely, For example, 25 million should be entered as 25 , 000,000 . Round your answer to the nearnet rant. 5 b. How much new long-term debt finanding will be needed in 2022? (Hint: AFN - New stock = New long-term debc.) Write out your answer completely. For example, 25 million should he entared as 25,000,000. Do nid round intermediate calculations. Round your answer to the nearest cent