Long - term financing needed At year - end 2014, total assets for Ambrose Inc. were exist1.9 million and accounts payable were exist450,000. Sales, which in 2014 were exist2.9 million, are expected to increase by 20% in 2015. 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. Ambrose typically uses no current liabilities other than accounts payable. Common stock amounted to exist440,000 in 2014, and retained earnings were exist250,000. Ambrose plans to sell new common stock in the amount of exist120,000. The firms profit margin on sales is 5%: 40% of earnings will be retained. a. What was Ambrose's total debt in 2014? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent. exist b. How much new long - term debt financing will be needed in 2015? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent. exist