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During the year, Belyk Paving Co. had sales of $2,600,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,535,000, $465,000, and $520,000, respectively. In addition, the company had an interest expense of $245,000 and a tax rate of 35 percent. Ignore any tax loss carryback or carryforward provisions. Belyk Paving Co. paid out $420,000 in cash dividends. If net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year. (Enter your answer as directed, but do not round intermediate calculations.)
Required:
Calculate the firm's new long-term debt added during the year.
New long-term debt $
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