Excel Online Structured Activity: Long-Term Financing Needed At year end 2015, wallace Landscaping's total assets were $1.3 rnl on and its accounts payable ere $430,000. Sales which in 2015 aere S2.3 million, are e pected to ncrease by 25% 2016. Total assets and acounts payable are proportional to sales, and that relationship will be mantained weae healVie emethbitesoter than ie Comme stock amounted to $395,000 in 2015, and retained earnings were $230,000. Wallace has arranged to sell $155,000 of new common stock in 2016 to meet some of its financing needs. The g needs will be met by issuing new long-term debt at the end of 2016. (Because the debt is added at the end of the year, there wi be no additional interest expense due to the new debt.) Its net profit margin on sales is 3%, and 45% of earnings w. be paid out as dvidend. The data has been collected in the Microsoft Excel Online le below. Open the spreadsheet and perform the required analysis to answer the questions beiow Open spreadsheet a. What was Wallace's total long-term debt in 2015? Round your answer to the nearest dolar What were Wallace's total liabilities in 20157 Do not round intermediate calculations Round your answer to the nearest dollar New long-term debt.) Do not round intermediate calculacions. Round your answer to the b. How much new long-term debt financing will be needed in 20167 (Hint: AFN-New stock nearest dollar Check My Work Reset