March Schedule of cash payments for a service company Horizon Hnancial Inc. was organised on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: $157,300 April 146,300 May 133,100 Depreciation, Insurance, and property taxes represent $33,000 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 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 Paid in April April expenses Paid in April Paid in May May expenses 0 0 0 Paid in May Total cash payments