Den 12. Practice Test Untx St Unit 1 (Ch 12) During 2018, Raines Umbrella Corp had sales of $880,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $675,000, $85.000, and $190.000, respectively. In addition, the company had an interest expense of $62,000 and a tax rate of 21 percent (ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $69,000 in cash dividends. If net capital spending and net working capital was zero, and if no new stock was issued during the year, what is the net new long-term debt? (Do not round intermediate calculations.) Net new long-term debt Screenshot Search ti CH a