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Long-Term Financing Needed At year-end 2019, Wallace Landscaping's total assets were $2.40 million, and its accounts payable were $405,000. Sales, which in 2019 were $3.2 million, are expected to increase by 35% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current labitles other than accounts payable. Common stock amounted to $475,000 in 2019, and retained earnings were 5235,000. Wallace has arranged to sell $55,000 of new common stock in 2020 to meet some of its financing needs. The remainder of its financing needs will be met by Issuing new long-term debt at the end of 2020. (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 6%, and 45% of earnings will be paid out as dividends. 8. What was Wallace's total long-term debt in 2019? Do not round Intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar, $ What were Wallace's total abilities in 20197 Do not found intermediate calculations, enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar $ B. How much new long-term debt financing will be needed in 2007 in N New stock. Now long term debt.) Do not found intermediate calculations. Enter your answer in dolara For example, an answer of $2 million should be entered an 2,000,000, Round your answer to the nearest dollar $