Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable. Inventory Debit Credit Beginning balance 90.0 Ending balance 93.0 Accounts Payable Debit Credit 24.0 Beginning balance 27.0 Ending balance Required: 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 $240 million. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.