Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable.

Inventory
Beginning balance	115.0
Ending balance	120.5

Accounts Payable
		34.0	Beginning balance
		38.0	Ending balance

Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $290 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.