Glen’s Tobacco Shop has total assets of $99.2 million. Fifty percent of these assets are financed with debt of which $30.7 million is current liabilities. The firm has no preferred stock but the balance in common stock and paid-in surplus is $27.4 million.
What is the balance for long-term debt and retained earnings on Glen’s Tobacco Shop’s balance sheet? (Enter your answers in millions of dollars rounded to 1 decimal place.)
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