Long$-$Term Financing Needed

$At$ year$-$end $2019,$ Wallace Landscaping$s$ total assets were $$1\mathrm{.}43$ million, and its accounts payable were $$455,000.$ Sales, which $in2019$ were $$2\mathrm{.}2$ million, are expected $to$ increase $by15\%in2020.$ Total assets and accounts payable are proportional $to$ sales, and that relationship will $be$ maintained. Wallace typically uses $no$ current liabilities other than accounts payable. Common stock amounted $to$ $$570,000in2019,$ and retained earnings were $$335,000.$ Wallace has arranged $to$ sell $$95,000of$ new common stock $in2020to$ meet some $of$ its financing needs. The remainder $of$ its financing needs will $be$ met $by$ issuing new long$-$term debt $at$ the end $of2020.(Because$ the debt $is$ added $at$ the end $of$ the year, there will $beno$ additional interest expense due $to$ the new debt.$)$ Its net profit margin $on$ sales $is3\%,$ and $50\%of$ earnings will $be$ paid out $as$ dividends.

What was Wallace's total long$-$term debt $in2019?Do$ not round intermediate calculations. Enter your answer $in$ dollars. For example, $an$ answer $of$ $$2$ million should $be$ entered $as2,000,000.$ Round your answer $to$ the nearest dollar.

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$70000.$

What were Wallace's total liabilities $in2019?Do$ not round intermediate calculations. Enter your answer $in$ dollars. For example, $an$ answer $of$ $$2$ million should $be$ entered $as2,000,000.$ Round your answer $to$ the nearest dollar.

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$525000\mathrm{.}0$

How much new long$-$term debt financing will $be$ needed $in2020?(Hint$: AFN $-$ New stock $=$ New long$-$term debt.$)Do$ not round intermediate calculations. Enter your answer $in$ dollars. For example, $an$ answer $of$ $$2$ million should $be$ entered $as2,000,000.$ Round your answer $to$ the nearest dollar.

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