During the year, Belyk Paving Co. had sales of $2,390,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,435,000, $436,000, and $491,000, respectively. In addition, the company had an interest expense of $216,000 and a tax rate of 30 percent (ignores any tax loss carry back or carries forward provisions.). Belyk Paving Co. paid out $393,000 in cash dividends. Assume that net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year.
Question: Calculate the firm's new long-term debt added during the year. Please provide step by step solution.