eBook Video Long-Term Financing Needed At year-end 2021, Wallace Landscapings total assets, all of which are used in operations, were $2.30 million, and its accounts payable were $525,000. Sales, which in 2021 were $3.5 million, are expected to increase by 30% in 2022. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $580,000 in 2021, and retained earnings were $345,000. Wallace has arranged to sell $125,000 of new common stock in 2022 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2022. (Because