A firm reports net income of $406,875.00 for 2013. The firm has a dividend payout ratio of 23.00%. The firm currently has $907,375.00 in debt, and $1,602,600.00 in shareholder equity.

The firm pays 6.00% annual interest on their outstanding debt.

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?