Reorganization The Verbrugge Publishing Company's 2019 balance sheet and income statement are as follows (in millions of dollars). Balance Sheet Current assets Net fixed assets $ 40 $300 200 Current liabilities Advance payments by customers Noncallable preferred stock, $6 coupon, $110 par value (1,000,000 shares) Callable preferred stock, $10 coupon, no par, $100 call price (2,000,000 shares) Common stock, $2 par value (5,000,000 shares) Retained earnings Total liabilities & equity Total liabilit 200 60 $500 Total assets $500 519 Income Statement Net sales $540 Operating expense Net operating inome Other income EBT Taxes (25%) Net income Dividends on $6 preferred Dividends on $10 preferred Income available to common stockholders $ 13 Verbrugge and its creditors have agreed upon a voluntary reorganization plan. In this plan, each share of the noncallable preferred will be exchanged for i share of $2.80 preferred with a par value of $35 plus one 7% subordinated income debenture with a par value of $75. The calle ted income debenture with a par value of $75. The callable preferred issue will be retired with cash generated by reducing current assets. a. Assume that the reorganization takes place and construct the projected balance. Show the new preferred stock at its par value. What is the value for total assets? For preferred stock? Enter your answers in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answers to the nearest whole number The projected balance sheet (in millions of dollars) follows: Current assets Current liabilities Net fixed assets Advance payments by customers Subordinated debentures $2.80 preferred stock, $35 par value (1,000,000 shares) Common stock, $2 par value (5,000,000 shares) Retained earnings Total assets Total liabilities & equity What is the value for debt (i.e., liabilities)? Do not treat preferred stock as debt. Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to the nearest whole number. $ million