Question 8 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $950 of inventory on account. 3. Sold merchandise costing $370 for $440 on account. 4. Collected $160 cash from accounts receivable. 5. Pald $700 of outstanding accounts payable. What is the value of ABC Merchandising Company's ending Accounts Receivable for Year 1? $70 $280 $160 $260