At year-end 2019, Wallace tandscaping's total assets were $2.21 million, and its accounts payable were $435,000. Sales, which in 2019 were $2.4 million, are expected to increase by 25% in 2020 . Total assets and accounts payable are proportional to sales, and that reiationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $590,000 in 2019 , and retained earnings were $200,000. Wallace has arranged to seil $50,000 of new commen stock in 2020 to meet some of its finanding needs. The remaindec 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 proft margin on sales is 5%, and 50% of eamings 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 mililon should be entered as 2,000,000. Round your answei to the nearest doliar: 3 What were Wallace's total liabilities in 20197 Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of \$2 milion should be entered as 2,000,000. Round your answer to the nearest doliar. b. How much new long-term debt fiasang 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