Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 20212020 Assets Cash$40,000 $20,000 Accounts receivable 60,000 90,000 Inventory 25,000 40,000 Liabilities Accounts payable$60,000 $72,000 Additional information for 2021: Net income was $270,000. Depreciation expense was $30,000. Sales totaled $800,000. Cost of goods sold totaled $305,000. Required: Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2021.