During the year, Belyk Paving Company had sales of $2,395,000. Cost of goods sold and depreciation expense were $1,325,000 and $444,000, respectively. In addition, the company had an interest expense of $269,000 and a tax rate of 21 percent. The company paid out $394,000 in cash dividends. Assume that net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year. (Ignore any tax loss carryforward provision and assume interest expense is fully deductible.) Calculate the firm's net new borrowing during the year. Hint: calculate operating cash flow first, then cash flow from assets, and at last derive net new borrowing from cash flow to creditors