Shown below in T-account format are the beginning and ending balances (S in millions) of both inventory and accounts payable. Inventory 110.0 115.0 Beginning balance Ending balance Accounts Payable 32.0 Beginning balance 35.8 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 $280 million. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) million 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting penod. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list ournal entry worksheet Record the net effect of merchandise purchases during the reporting period Note: Enter debits before credits. General J Debit Credit Record entry Clear entry View general journal