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 100.0 104.0 Accounts Payable 28.0 Beginning balance 31.4 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 $260 million 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period