At year-end 2015, Wallace Landscaping's total assets were $1.5 million and its accounts payable were $335,000,$5, 5 , which in 2015 were $2.6 million, are expected to increase by 30% in 2016. Total assets and accounts payable are proportonal to sales, and that relationship will be maintained. Wallace typically uses no current liabilites - other than accounts payable. Common stock amounted to $480,000 in 2015 , and retained eamings were $245,000. Wallace has arranged to seil $155,000 of nev 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 wilf be no additional interest expense due to the new debt.) Its net prolt margin on sales is 3%, and 35% 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 belovin. Open spresdsheet a. What was Wallace's total long'term dete in 2015 ? Round your answer to the nearest dollar. 5 What were Wallace's total liabontes in. 2015 t Do not round intermediate calcuiations. Round your ansiner to the nearest doliar. 7 D. How mwch nev long-term debt financing niife needed in 2016 (hinti A FN - New stock = New long-term debt.) Do not round intermediate caloulstions. Rlound your answer to the neerest dollar. 5