Use the following projections for Top-A1 Inc:

total sales: $155,000

Cost of goods sold equal to 77.9 percent of sales

total expenses equal to 13.3. percent of sales

Tax rate of 35%

beginning equity of $52,700

Beginning inventory of $11,800

Age of ending inventory of 59 days

minimum cash balance of $9,700

Accounts receivable of 30 days

fixed assets of $63,900

Accounts payable of 35 days

Assume Top-A1 has a dividend payout of 42 percent and that the projected earnings are $8,866. 

Create a pro-forma balance sheet. Calculate the long-term debt as the balancing amount.