During the year, Belyk Paving Co. had sales of $2,399,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,426,000, $435,100, and $490,100, respectively. In addition, the company had an interest expense of $215,100 and a tax rate of 40 percent (ignore any tax loss carryback or carryforward provisions.). The company paid out $401,000 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.
Calculate the firm's net new long-term debt added during the year.