Erie Company reports the following comparative balance sheets and income statement information for the current year. End of Year Comparative Balance Sheets Beginning of Year Assets Cash $ 92,000 Accounts receivable 36,000 Prepaid insurance 36,000 Inventory 12,000 Property, plant & equipment 44,000 Total Assets $ 220,000 $ 52,000 20,000 44,000 28,000 52,000 $196,000 Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders Equity $ 52,000 20,000 28,000 24,000 96,000 $ 220,000 $ 36,000 44,000 36,000 24,000 56,000 $196,000 Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ 300,000 (164,000) 136,000 (84000) $ 52,000 Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year? Multiple Choice $36.000 $196,000 5 $180,000 $164,000