At year-end 2019, total assets for A rington Inc. were $2 million and accounts payable were $345,000. Sales, which in 2019 were $2.60 million, are expected to increase by 20% in 2020. 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 2019, and retained earnings were $435,000. Arrington plans to sell new common stock in the amount of $115,000. The firm's profit margin on sales is 8%; 35% of earnings will be retained. a. What were Arrington's total liabilities 2019? Write out your answer completely. For example, 25 million should be entered a 25,000,000. Round your answer to the nearest cent. b. How much new long-term debt financing will be needed in 2020? (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. $