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Submit Assignment for Grading Questions Problem 12-05 1 Question 4 of9 p 'L \ Check My Work Problem 12-05 Long-Term Financing Needed At year-end 2016, Waliace Landscaping's total assets were $2.0 million, and its aCCounts payable were $395,000. Sales, which in 2016 were $2.9 million, are expected to increase by 15% in 2017. Total aesets 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 $360,000 in 2016, and retained earnings were $255,000. Wallace has arranged to sell $90,000 of new common stock in 2017 to meet some of its financing needs. The remainder of its nancing needs will be met by issuing new long-term debt at the end of 2017. {Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 7%, and 60% of earnings will be paid out as dividends. a. What was Wallace's total long-term debt in 2016? Do not round intermediate calculations. Round your answer to the nearest dollar. $ What were Wallace's'total liabilities in 2016? Do not round intermediate calculations. Round your answer to the nearest dollar. $ . How much new long-term debt financing will be [needed in 2017? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate calculations. Round your answer to the nearest dollar. $ Check My Work 02 Icon Key Problem 1205 . . s Question 1 of9 v