Case 1 Dave Townsend paid the fire insurance premium of $5,040 for the Townsend Caf on March 24. The insurance coverage is from April 1 through September 31. Monthly financial statements are prepared for the Townsend Caf. Accounts you will use include Cash, Insurance Expense, and Prepaid Insurance. 1. Use T accounts to record the payment on March 24 for $5,040. 2. What is the monthly insurance expense for each month over the insurance coverage period? 3. Use T accounts to record the adjusting entry on April 30. 4. What is the balance of the Prepaid Insurance account at the end of June? Case 2 Kathy's Kitchen bought a van on January 1, 2022, to deliver Kathy's famous pies. The van cost $35,000. Kathy estimates that, with the hard use the van will get, it will be of use for 3 years (from January 1, 2022, to January 1, 2025). At the end of the five years, it will be sold for parts for $2,000. Accounts you will use include Cash, Depreciation Expense, Van, Accumulated Depreciation-Van. 1. Determine the monthly depreciation expense using the straight-line method. 2. Make the journal entry or T accounts to record depreciation expense for January (on January 31 )