value: 10.00 points During 2014, Raines Umbrella Corp. had sales of $810,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $580,000, $90,000, and $135,000, respectively. In addition, the company had an interest expense of $91,000 and a tax rate of 35 percent. (Ignore any tax loss carryback Suppose Raines Umbrella Corp. paid out $55,000 in cash dividends. Is this possible? If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the net new long-term debt? (Do not round intermediate calculations.) Net new long-term debt References eBook & Resources Section: 24 Cash Flow Learning Objective: 02-02 The difference between accounting income and cash flow Worksheet