March May Schedule of Cash Payments for a Service Company Oakwood Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: $147,300 April 135,500 123,300 Depreciation, Insurance, and property taxes represent $31,000 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. 61% 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 Indicating cash payments for selling and administrative expenses for March, April , and May. Oakwood Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April March expenses: Paid in March Paid in April April expenses: Paid in April Pald in May May expenses: Pald in May Total cash payments May