Consider the following Income Statements and Balance Sheets for your firm:

$\backslash$table$[[$Income Statement,$2020,2021,2022,2023],[$Sales$,$$$20,000\mathrm{.}00,$$$21,500\mathrm{.}00,$$$25,000\mathrm{.}00,$$$32,000\mathrm{.}00$

As you can calculate, in Year $1$ the firm's profit margin is $4\mathrm{.}80\%,$ ROA is $5\mathrm{.}5814\%,$ and ROE is

$9\mathrm{.}41176\%.$ Assume that the firm could have increased its equity multiplier by issuing debt

and using the proceeds to repurchase equity $($debt increases, equity decreases, and the equity

multiplier increases$)$ while holding total assets, total asset turnover, and profit margin constant

$($assume that interest expense does not change$).$ Calculate how much Long$-$Term Debt the

firm would have to have had in Year $1$ in order to have earned an ROE of $12\mathrm{.}31\%.$