Question: Problem 2 - 1 6 Balance Sheet ( LG 2 - 1 ) Sophie's Tobacco Shop has total assets of $ 9 2 . 8

Problem 2-16 Balance Sheet (LG2-1)
Sophie's Tobacco Shop has total assets of $92.8 million. Fifty percent of these assets are financed with debt, of which $29.1 million is current liabilities. The firm has no preferred stock, but the balance in common stock and paid-in surplus is $11.4 million.
What is the balance for long-term debt and retained earnings on Sophie's Tobacco Shop's balance sheet?
Note: Enter your answers in millions of dollars rounded to 1 decimal place. (i.e., Enter 5,500,000 as 5.5.)
\table[[Long-term debt,,million],[Retained earnings,,million]]
 Problem 2-16 Balance Sheet (LG2-1) Sophie's Tobacco Shop has total assets

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