During 2021, Raines Umbrella Corporation Had Sales Of $865,000. Cost Of Goods Sold, Administrative And Selling Expenses, And Depreciation Expenses Were $535,000, $125,000, And $170,000, Respectively. In Addition, The Company Had An Interest Expense Of $90,000 And A Tax Rate Of 25 Percent. (Ignore Any Tax Loss Carryforward Provisions And Assume Interest

 

During 2021, Raines Umbrella Corporation had sales of $865,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $535,000, $125,000, and $170,000, respectively. In addition, the company had an interest expense of $90,000 and a tax rate of 25 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose Raines Umbrella Corporation paid out $128,000 in cash dividends. If net capital spending and net working capital were both 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