Schedule of cash payments for a service company 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 $184,400 April 171,500 156,100 Depreciation, insurance, and property taxes represent $39,000 of the estimated monthly expenses. The annual Insurance premium was paid on February 28, and propert taxes for the year will be paid in June 71% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be pai in the following month. May 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 May March expenses: Paid in March 0 Paid in April April expenses: Pald in April Paid in May M May 156,100 Depreciation, insurance, and property taxes represent $39,000 of the estimated monthly expenses. The annual Insurance premium was paid on February taxes for the year will be paid in June. 71% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the 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 Pald in April April expenses: Pald in April Paid in May May expenses: Paid in May Total cash payments