DTAP a Search this course ? Ba nmenti Chapter 9- EOC PROBLEMS-GRADED Check My Work (a At year-end 2015, walace Landscaping's total assets were $1.9 millon and its accounts payable were $365,000. Sales, which in 2015 were $3.0 mln, are expected to increase by 15% in 2016. Total assets and accounts payable are proportional to sales, and that relationship wil be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $480,000 in 2015, and retained earnings were $255,000. Wallace has arranged to sell $65,000 of new common stock in 2016 to meet some of its financing needs. The of its financing needs will be met by issuing new long-term debt at the end of 2016. (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 79, and 40% of eamngs will be paid out as dividends. a. What was Wallace's total long-term debt in 20157 Round your answer to the nearest dollar What were Wallace's total liabilities in 20157 Round your answer to the nearest dollar b. How much new long-term debt financing will be needed in 2016? (Hint: AFN New stock New long-term debt.) Round your answer to the nearest dollar. Do not round intermediate Check My Work (1 remaining) 8