Long-Term Financing Needed At year -end 2021, Wailace Landscaping's total assets, all of which are used in operations, were $1.58 million, and its accounts payable were $520,000. $ Sales, which in 2021 mere $2.3 million, are expected to increase by 15% in 2022 . Total assets and accounts payable are proportional to sales, and that relationship will be maintaned. Wallace. typically uses no current liabilities other than accounts payable. Common stock amounted to $405,000 in 2021 , and retained earnings were $210,000. Wallace has arranged to sell $75,000 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 leng-term debt ot the en of 2022. (Eecause the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profk margin on sales is 4%, and 40% of earnings will be paid out as dividends. a. What was Wallace's total long-term debt in 2021 ? Do not round intermediate calculations. Enter vour answer in dollars. For example, an answer of 52 millon should be entered as 2,000,000. Round your answer to the nearent dollar. $ What were Wallace's total liabulities in 20213 Do not round intermediate calculations, Enter vour answer in doliars. For example, an answer of $2 million should be entere. as 2,000,000, Dound your answer to the nearest dollat. b. How much new long-term debt financing will be needed in 20227 (Hint: AFN - New stock = New long-term debc.) Do not round intermediate calculations, Enter your answer in doltars. Fin mample, ahtanswer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar