Seneca Corporation Has the Following Balance Sheet Accounts Immediately Preceding

Seneca Corporation has the following balance sheet accounts immediately preceding an investing and financing decision:
$\begin{array}{lr}\text { Current assets } & \$ 430,000 \\\text { Long-lived assets } & 1,070,000 \\\text { Current liabilities } & 120,000 \\\text { Long-term liabilities } & 630,000 \\\text { Contributed capital } & 100,000 \\\text { Retained earnings } & 650,000\end{array}$
A long-term debt covenant specifies that Seneca's debt/equity ratio cannot be greater than 1.0 and current ratio cannot be less than 2.0.
Seneca is going to invest $600,000 in a new machine that will keep Seneca Corporation in an excellent competitive position in a very competitive industry. In order to finance this investment, Seneca will use its cash, issue long-term debt, and issue common stock. However, besides having to adhere to the debt covenants, Mr. Seneca, the sole owner of Seneca Corporation, will not issue more than $100,000 of common stock so that he can retain at least a 50% ownership in his corporation.
Can Seneca Corporation finance the $600,000 investment and still adhere to the debt covenants and allow Seneca to retain at least 50% ownership? If Seneca cannot finance the machine within the parameters given, suggest possible means for Seneca to finance the needed acquisition of the machine.