A firm reports net income of $403,100.00 for 2020. The firm has a dividend payout ratio of 24.00%. The firm currently has $939,825.00 in debt, and $1,813,500.00 in shareholder equity. The firm pays 6.00% annual interest on their outstanding debt. The firm wants to maintain its debt to equity ratio.

If the firm wants to maintain its same debt-to-equity ratio, how much debt can the firm issue in the coming year IF the firm will not issue any new shares?