Help Save & Exit Sul 94.ee Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets 35.000 14.ee 46.ece $ 230,000 5 54.000 22,00 46.ee 30,000 54,000 $206,000 Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-terw notes payable Common stock Retained earnings Total Liabilities and Stockholders Equity $ 54,000 22. 30,000 26.000 98,00 $ 230,eee $ 38,000 46.000 38,000 26.000 58,000 $206.000 2016 Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ 310,000 (166.00e) 144,000 (86,000) $ 58.000 Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year