Required information The following information applies to the questions displayed below.) Erie Company reports the following comparative balance sheets and income statement information for the current year. 12/31/2016 Comparative Balance Sheets 12/31/2015 Assets Cash $ 102,000 Accounts receivable 46,000 Prepaid insurance 46.000 Inventory 22.000 Property. plant . equipment 54,000 Total Assets $ 270,000 $ 62,000 30,000 54.000 38,000 62,000 $246,000 Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-ter notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity $ 62.000 30,000 38,000 34,000 106,000 $ 270,000 $ 46,000 54,000 46,000 34,000 66.000 $246,000 2016 Income statement Revenue Cost of goods sold Gross margin Operating expenses Net Income $ 350,000 (174,000) 176,000 (94.000) $ 82,000 Assuming accounts payable is used for inventory purchases only, what was the amount of cash paid for inventory purchases during the year