For the next fiscal year, you forecast net income of and ending assets of $ 49,700 and ending assets of $ 506,500. Your firm's payout ratio is 10.1%.

Your beginning stockholders' equity is $ 295,700 and your beginning total liabilities are $ 119,500.

Your non-debt liabilities such as accounts payable are forecasted to increase by $ 9,900.

Assume your beginning debt is $ 109,300.

What amount of equity and what amount of debt would you need to issue to cover the net new financing in order to keep your debt-equity ratio constant?

The Tax Cuts and Jobs Act of 2017 temporarily allows 100% bonus depreciation (effectively expensing capital expenditure).

The amount of equity to issue and the amount of debt to issue ___________

Please explain in details your step by step neatly. I can't seem to figure out the new debt and the formulas

Thank you!!