During the year, Belyk Paving Co. had sales of $2,385,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,440,000, $436,500, and $491,500, respectively. In addition, the company had an interest expense of $216,500 and a tax rate of 30 percent (ignore any tax loss carryback or carryforward provisions.). Belyk Paving Co. paid out $378,000 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 long term debt for the year.