Shown below in T$-$account format are the beginning and ending balances $($ $ in millions$)$ of both inventory and accounts payable.

$\backslash$table$[[$Inventory$],[$Debit$,,,$Credit$],[$Beginning balance,$100\mathrm{.}0,,],[$Ending balance,$104\mathrm{.}0,,],[$Debit$,$Accounts,Payable,Credit$],[,,28\mathrm{.}0,$Beginning balance$]]$

Required:

Use a T$-$account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $$260$ million.

Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

Complete this question by entering your answers in the tabs below.

Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$