Estate Corp. has the following information:
Month Budgeted Purchases
January $26,800
February 29,000
March 28,500
April 29,480
May 26,680
Purchases are paid for in the following manner:
10% of the purchase amount in the month of purchase
50% of the purchase amount in the month after purchase
40% of the purchase amount in the second month after purchase
What is the expected balance in Accounts Payable as of March 31?
$37,250
$18,312
$2,900
$30,520
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