Waterman Rainwear Ltd. has the following balance sheet as of December 31, 2019.
Current assets	$6,000,000		Accounts payable	$ 1,000,000
Fixed assets	4,000,000		Accrued liabilities	1,000,000
			Notes payable	1,000,000
			Long-term debt	3,000,000
			Total common equity	4,000,000
Total assets	$10,000,000		Total liabilities and equity	$10,000,000

In 2019, sales were $14 million, net income was $560,000, and dividends $70,000. Sales will increase 15% in 2020 and the company will double its dividend payout ratio for 2020. Assume the company is at full capacity, so its assets and spontaneous liabilities will increase proportionately with an increase in sales. Assume any additional funds needed (AFN) will come from issuing new long-term debt. Given its forecast, how much long-term debt will the company have to issue in 2020?