At year-end 2016, XYZ total assets were $2.17 million, and its AP were $560,000. Sales, which in 2016 were $3.5 million, are expcted to increase by 35% in 2017. Total assets and AP are proportional to sales and that relationship will be maintained. XYZ typically uses no current liability other than AP. Common stock amounted to $625,000 in 2016, and retained earnings were $395,000. XYZ has arranged to sell $195,000 of new common stock in 2017 to met some of its financing needs. The remainder will be met by issuing new long-term debt at the end of 2017. Its net profit margin on sales is 5% and 45% of earnings will be paid in dividends. What were XYZs total long term debt and total liabilities in 2016? How much new long-term financing will be needed in 2017?