At year$-$end $2021,$ total assets for Arrington Inc. were $$1\mathrm{.}2$ million and accounts payable were $$350,000.$ Sales, which in $2021$ were $$2\mathrm{.}10$ million, are expected to

increase by $20\%$ in $2022.$ Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is$,$ they will grow at the same

rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to $$355,000$ in $2021,$ and retained earnings were

$$240,000.$ Arrington plans to sell new common stock in the amount of $$70,000.$ The firm's profit margin on sales is $4\%$;$55\%$ of earnings will be retained.

a$.$ What were Arrington's total liabilities in $2021?$ Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Round your answer to

the nearest cent.

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b$.$ How much new long$-$term debt financing will be needed in $2022?($Hint: AFN $-$ New stock $=$ New long$-$term debt.$)$ Write out your answer completely. For example,

$25$ million should be entered as $25,000,000.$ Do not round intermediate calculations. Round your answer to the nearest cent.

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