Builtrite Bakery is a new firm specializing in all natural ingredient pastry products. In attempting to determine what the financial position of the firm should be the financial manager obtained the following average ratios for the baking industry for 2019: 60% 3 times Common equity / total assets Total assets turnover Long-term debt / total assets Current ratio Quick ratio Average collection period (360-day year) 20% 1.2 .75 6 days Complete the accompanying projected balance sheet for Builtrite Bakery assuming 2020 sales (all credit) are $9,000,000 Builtrite Bakery projected Balance Sheet ending December 31, 2020 Cash Current Liabilities Long Term Debt Accts Receivable Inventory Tot. Current assets Total Debt Common Equity Fixed assets Tot. Liabilities & equity Total Assets Based upon the above information, the level of total debt equals: $800,000 $1,00,000 $1,200,000 $1,400,000