6 Exercise 7-8A (Algo) Preparing a schedule of cash payments for inventory purchases LO 7-3 759 Franklin Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects points to purchase the following inventory: April May June [Fl Required purchases (on account) $120, 000 $140, 000 $152, 000 References Franklin Books' accountant prepared the following schedule of cash payments for inventory purchases. Franklin Books' suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by lling in the missing amounts. b. Determine the amount of accounts payable the company will report on its proforma balance sheet at the end of the second quarter. Complete this question by entering your answers In the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by lling in the missing amounts. Payment for current accounts payable $ 108,000 Payment for previous accounts payable 9,000 Total budgeted payments for inventory $ 117,000 Required B > Complete this questlon by entering your answers In the tabs below. Required A Required B Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. ( Required A