At year-end 2015 , Wallace Landscapling's total assets were $1.9 million and its accounts payable were $410,000. Sales, which in 2015 were $2.4 million, Wallace has arranged to sell $175,000 of new common stock in 2016 to meet some of its linancing needs. The romantar of itu financho needs Wil be met by issuing new long-term debt at the end of 2016. (Becouse the debt is added at the end of the year, there will be no additionat intnrest nxpense due to the new debt.) Its net profit margin on sales is 6%, and 35% of earnings wilt be paid out as dividends. The data has been coliected in the Microsont Excel Online file below, Open the spreadsheet and perfocm the required analysis to answer the questians below. Open spreadsheet \$ What were Wallace's total liabilites in 2015 ? Do not round intermediate calculations. Round your answer to the nearest dollar b. How much new long-term debt financing will be needed in 2016? (Hint: AFN - New stock = New long-term debt) Do not round intermediate ralculatione anund unie anewer toncthe nearset dinltar a. What was Wallace's total iong-term debt in 2015 ? Round your answer to the nearest dollar. 5 What were Wallace's total liabilities in 2015 ? Do not round intermediate calculations. Round your answer to the nearest dollar. b. How much new long-term debt financing will be needed in 2016? (Hint: AFN - New stock = New long-term deot) Do not round intermediate caiculations. Round your answer to the nearest dollar