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April Schedule of cash payments for a service company Honzon Financial Inc. was organired on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $86,900 81,700 May 74.300 Depreciation, Insurance, and property taxes represent $19,000 of the estimated monthly expenses. The annual Insurance premium was pald on February 28, and property taxes for the year will be paid in June 63% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May, Horizon Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses Pald in March 43.771 Paid in April 24444 X April expenses Paid in April 42,777 X Paid in May 39.501 x May expenses Paid in May 346839 Total cash payments 42.777 67.221 X 900 X