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: 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. 64% 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