On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock at $15 per share. It had previously issued 65,000 shares of $1 par, common stock. (HINT: make the journal entry.) Using all of the proceeds from the issuance of the preferred stock, on the same day, it purchases fixed assets for its operations, and allocates the proceeds from the stock issuance as follows: .35% for a new milk-separating machine, with a salvage value of $2,000, which is estimated to separate 100,000 gallons of milk over its 8-year useful life 40% for a new refrigerator with a 10-year useful life, and a salvage value of $1,300, for which it uses straight-line 25% for a new delivery van with a 5-year useful life, and a salvage value of $5,000, for which it uses double-declining balance On May 31, 2022, after recording updated depreciation, it sells the delivery van for cash of $34,000. Then, using all of the proceeds from the sale of the delivery van, it declares a dividend, payable on July 22, 2022. QUESTIONS: 1. If the milk-separating machine processes 10,400 gallons of milk in 2022, and it uses the units-of- activity method, what is the correct depreciation expense for the milk-separating machine for 2022? (2 points) 2. What is the balance in Accumulated Depreciation for the refrigerator as of December 31, 2022? (2 points) 3. What is the gain or loss C'est Cheese would report on the sale of the delivery van? (3 points) 4. If sufficient dividends were declared in 2020, and assuming no dividends were declared in 2021, how much in dividends would common shareholders receive in 2022? (3 points) SPECIFIC INSTRUCTIONS: Round all answers to the nearest dollar. You must show all of your work. If you do not show your work, you will not receive any points for this question, even if you have the correct