Exercise 14-8 Preparing a schedule of cash payments for inventory purchases. Vivian Books buys bookshand magazines directly from publishers and distributes them to gro- cery stores. The wholesaler expects to purchase the following inventory. April May June Remlred purchases (on account) $140,000 $160,000 $190,000 Vivian Books's accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books's suppliers require that 90 percent of purchases on account he paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase I\" Schedule of Cash Payments for Inventory Purchases I l . :1 April\": May .hme I I Payment for current accounts payable -f-;FG$126,000 ? ? i 3 Payment for previous accounts payable 1 ' a 8,000 i __?_ i Total budgeted payments for inventory ' $134,000 _?__ i _ ___- ... W .. .~_ N .-___ Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. la. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter