Google Docs Google Sheets Google Calendar Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March April May $129,600 119,200 108,500 Depreciation, Insurance, and property taxes represent $27,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. Of the remainder of the expenses, 74% 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 Line Item Description March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May March April 75.924 26.676 75976 May 68.220 16.000 X