SafeMark 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 Depreciation, insurance, and property taxes represent $21,000 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, 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 indicating cash payments for selling and administrative expenses for March, April, and May. $100,800 93,700 85,300 SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May3 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments