SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the fust three months of operations are as follows: March $116,700 April 108,500 Mo 98,700 Depreciation, insurance, and property taxes represent $25,000 of the estimated monthly expenses. The annual insurance premism was paid on February 28, and property taxes for the year will be paid in June. 64% of the remainder of the expenses are expected to be part 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. Sale Mark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses Paid in March Paid in April Anil expenses Paid in April Paid in May May expenses Paid in May 0 0 0 OOO Total cash payments