Inferring Transactions from Financial Statements (FSET) Wired.com Inc. is a large e-commerce company, with over $31 billion in revenues for the fiscal year ended December 31, 20X2. For the year ended December 31, 20X2, Wired's cost of goods sold was $18,665 million. Assume that all purchases were made on account. The following T-accounts reflect information contained in the company's 20X2 and 20X1 balance sheets (in millions). Inventories 20X1 Bal. 20X2 Bal. 1,640 1,904 Accounts Payable 3,775 2019 Bal. 5,803 2020 Bal. a. Prepare the entries to record Wired.com Inc.'s purchases and cost of goods sold for the 20X2 fiscal year using the financial statement effects template. Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Record purchases Record cost of goods sold 0 0 5,803 x 5,803 x Liabilities + 5,803 x Contributed Capital + Earned Capital Revenues Expenses = Net Income 0 0 0 0 0 5,803 x 0 0 18,401 x 0 18,401 x b. What amount did Wired pay in cash to its suppliers for the 20X2 fiscal year? Assume that Accounts Payable is affected only by transactions related to inventory. $ 2,028 X