Erie Company reports the following comparative balance sheets and income statement information for the current year. ets 12/31/2016 Comparative Balance Sheets 12/31/2015 Assets Cash $ 103,000 Accounts receivable 47,000 Prepaid insurance 47,000 Inventory 23,000 Property, plant & equipment 55,000 Total Assets $ 275,000 $ 63,000 31,000 55,000 39,000 63,000 $251,000 Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity $ 63,000 31,000 39,000 35,000 107,000 $ 275,000 $ 47,000 55,000 47,000 35,000 67,000 $251,000 (175.000 2016 Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ 355,000 (175,000) 180,000 (95,000) $ 85,000 Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year? Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year? Multiple Choice $175,000 O $207,000 $191,000 $47,000