Xin's Tobacco Shop has total assets of $100 million. Fifty percent of these assets are financed with debt of which $37 million is current liabilities. The firm has no preferred stock but the balance in common stock and paid-in surplus is $32 million. Using this information what is the balance for long-term debt and retained earnings on Xin's Tobacco Shop's balance sheet?

Multiple Choice

$1,970,842.88

$1,214,285.71

$1,970,842.88

$1,521,989.23