Torres Company budgets merchandise purchases of $14,800 in January, $18,600 in February, and $20.200 in March. For those purchases, 50% of purchases are paid in the month of purchase and 50% are paid in the month after the purchase. The company purchased $24,000 of merchandise in December Prepare a schedule of cash payments for merchandise for the months of January February, and March TORRES COMPANY Cash Payments for Merchandise Purchases January February March Merchandise purchases $ 14,800 $ 18,600 $ 20,200 Cash payments for Current period purchases Prior period purchases Total cash payments for merchandise purchases