S. Corporate valuation. Long term financing W At year-end 2015, Walace Landscaping's totalasses were $1.6 mion and its accounts payable were $355,000. Sales, which in 2015 were $2 mion, are expected to increase by 15% in 2016 Total assets and accounts payable are proportional to sales, and that relationship will be maintained ece typically uses no current a s other than accounts payable common stock mounted to $465,000 in 2015, and retained cams were $285,000 walce has arranged to se $105,000 of new common stock in 2016 to meet some of its financing needs. The remainder of its finanong needs will be met by suing new long-term debt at the end of 2016. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its et profit margin on sales is 4%, and 45% of earnings will be paid out as dividends. : AFN - New stock - Nrw long term debit) Do not found watermediate calculations. Round your answer to the nearest dollar How much new long term debt financing will be needed in 2016 ( 63 Long Term Financing Needed 65 Original total assets 66 Original accounts payable 67 Original sales 68 Growth in sales 69 Original stock 70 Original retained earnings 71 New stock issue 12 Profit margin $1,600,000 $355,000 $2,200,000 15.00 $465.000 $285.000 S105,000 Payout rate 45.00% 15 Additional Funds Needed Calculation Required increase in sets increase in spontaneous Babies 78 New Sales, 51 79 Change in Sales, as Sheet1