5. Problem 9-05 (Long-Term Financing Needed) Leng-Term Financing Needed At year-end 2021, Wallace Landscaping's total assets, all of which are used in operations, were 52.40 million, and its accounts poyable nere $500,000. Sales, which in 2021 were 52.3 million, are expected to increase by 25% in 2022 . Toeal assets and accounts payable are proportional to rales, and that relabionship will be muintained. Walace typically ises no current labilities other than accounts payable. Common stock amounted to $350,000 in 2021 , and retained earnings were $370,000. Wallace has arranged to sell $80,000 of new. common stock in 2022 to meet some of its financing needs. The remainder of its financing needs will be met by issuling new long.term debt at the end of 2022 . (because the debt is added at the end of the yeac, there will be no adesional interest expense due to the new debt) Its net profit margin on sales is ?\%, and 45% of earnings will be paid out as dividends. 7. What was Wallace's total lang-term debt in 2021 ? Do not round intermediate calculations, finter your answer in dollars. For example, an answer of 52 mulion should be entered as 2,000,000. Round your answer to the nearest dollar. s. What were Walisce's total liabsities in 20217 Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Hound your answer to the nearest dolibr. s. b. How much new long-term debe financing wil be beeded in 2022 ? (Hint: AWN - New stock = New long-term debt.) Do not round intermediate caiculations, Enter yoor answer in doliars, For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar? 5