Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Beginning balance Ending balance Inventory 70.0 71.0 Accounts Payable 6.0 Beginning balance 18.2 Ending balance Required: 1. 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 $200 million. 2. 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.