At year$-$end $2016,$ total assets for Arrington Inc. were $$2$ million and accounts payable were $$320,000.$ Sales, which in $2016$ were $$3$ million, are expected to increase by $20\%$ in $2017.$ Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is$,$ they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to $$355,000$ in $2016,$ and retained earnings were $$315,000.$ Arrington plans to sell new common stock in the amount of $$170,000.$ The firm's profit margin on sales is $4\%$; $50\%$ of earnings will be retained.

What were Arrington's total liabilities in $2016?$ Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Round your answer to the nearest cent.

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How much new long$-$term debt financing will be needed in $2017?$ Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Do not round your intermediate calculations. Round your answer to the nearest cent. $($Hint: AFN $-$ New stock $=$ New long$-$term debt.$)$

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