D Question 8 On January 1. Year 1, ABC Merchandising Company was started. The company experienced the following events during the year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $860 of inventory on account. 3. Sold merchandise costing $250 for $360 on account. 4. Collected $120 cash from accounts receivable. 5. Paid $500 of outstanding accounts payable. What is the value of ABC Merchandising Company's ending Accounts Payable for Year 1? $610 $360 $740 $500