t year-end 2021, Wallace Landscaping's total assets, all of which are used in operations, were $1.25 million, and its accounts payable were $490,000. Sales, which in 2021 were 3.2 million, are expected to increase by 30% in 2022 . Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses o current liabilities other than accounts payable. Common stock amounted to $370,000 in 2021 , and retained earnings were $245,000. Wallace has arranged to sell $60,000 of nev ommon stock in 2022 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2022 . (Because the debt is dded 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 6%, and 40% of earnings will be paid out as ividends. a. What was Wallace's total long-term debt in 2021 ? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $ What were Wallace's total liabilities in 2021? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $ b. How much new long-term debt financing will be needed in 2022? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar. $