Question 9 4 pts ABC Corp. had the following balances in inventory and accounts payable for 2019: Jan 1 Inventory $14,000 DR Jan 1 Accounts Payable $22,000 CR Dec 31 Inventory $18,000 DR Dec 31 Accounts Payable $20,500 CR In addition, for 2019 ABC's inventory purchases totaled $224,000 and COGS was $220,000. Determine how much cash was paid for inventory purchases during the year. O $221,500 O $225,500 O $220,000 O $224,000 Question 10 4 pts Historical cost is defined as Only the amount paid to acquire an asset. The fair market value of the asset. The cash or cash equivalent price plus all expenditures to get asset ready for intended use. Only the expenditures paid to get asset ready for intended use