At year-end 2019, Wallace Landscaping's total assets were $1.57 million, and its accounts payable were $325,000. Sales, which in 2019 were $2.2 million, are expected to ncrease by 30% in 2020 . Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities ther than accounts payable. Common stock amounted to $445,000 in 2019 , and retained earnings were $400,000. Wallace has arranged to sell $100, 000 of new common stock in 2020 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 2020 . (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 8%, and 35% of earnings will be paid out as dividends. a. What was Wallace's total long-term debt in 2019 ? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $ What were Wallace's total liabilities in 2019? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $ b. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $