Long-term financing needed

At year-end 2012, total assets for Ambrose Inc. were $1.9 million and accounts payable were $300,000. Sales, which in 2012 were $2.8 million, are expected to increase by 20% in 2013. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Ambrose typically uses no current liabilities other than accounts payable. Common stock amounted to $375,000 in 2012, and retained earnings were $305,000. Ambrose plans to sell new common stock in the amount of $155,000. The firm's profit margin on sales is 5%; 35% of earnings will be retained.

Ambrose's total debt in 2012? $1,220,000

B.) How much new long-term debt financing will be needed in 2013? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent. (Hint: AFN - New stock = New long-term debt.) $ __________