At year$-$end $2015,$ Wallace Landscaping$$s total assets were $$1\mathrm{.}4$

million and its accounts payable were $$400,000.$ Sales, which in

$2015$ were $$2\mathrm{.}9$ million, are expected to increase by $25\%$ in $2016.$

Total assets and accounts payable are proportional to sales, and

that relationship will be maintained. Wallace typically uses no

current liabilities other than accounts payable. Common stock

amounted to $$440,000$ in $2015,$ and retained earnings were $$215,000.$

Wallace has arranged to sell $$125,000$ of new common stock in $2016$

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 $2016.$

$($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 $5\%,$ and $50\%$ of earnings will be paid out as

dividends.The data has been collected in the Microsoft Excel Online file

below. Open the spreadsheet and perform the required analysis to

answer the questions below.$$Open spreadsheet$$What was Wallace's total long$-$term debt in $2015?$ Round your

answer to the nearest dollar.$$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$What were Wallace's total liabilities in $2015?$ Do not round

intermediate calculations. Round your answer to the nearest

dollar.$$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$How much new long$-$term debt financing will be needed in $2016?$

$($Hint:$$AFN $-$ New stock $=$ New long$-$term debt.$)$ Do not

round intermediate calculations. Round your answer to the nearest

dollar.$$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$