Total cash payments in May, $62.940 EX 22-20 Schedule of cash payments for a service company Oakwood Financial Inc. was organized on February 28. Projected selling and adminis tive expenses for each of the first three months of operations are as follows: $59.600 March April May 72.300 Depreciation, insurance, and property taxes represent $7,000 of the estimated mon expenses. The annual insurance premium was paid on February 28, and property taxes the year will be paid in June. Sixty percent of the remainder of the expenses are expec to be paid in the month in which they are incurred, with the balance to be paid in following month. Prepare a schedule indicating cash payments for selling and administrative exper for March, April, and May