Journal entry worksheet Record the franchise rights purchased for $11,280 for the use of the name and store concept that was created by a different restaurant. Note: Enter debits before credits. Required information PB9-3 (Algo) Analyzing and Recording Long-Lived Asset Transactions with Partial-Year Depreciation [LO 9-2, LO 9-3, LO 9-6] [The following information applies to the questions displayed below.] Randy's Restaurant Company (RRC) entered into the following transactions during a recent year. April 1 Purchased equipment (a new walk-in cooler) for $6,800 by paying $1,900 cash and signing a $4,900 note due in six months. April 2 Enhanced the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of $3,900, purchased on account. April 30 Wrote a check for the amount owed on account for the work completed on April 2. May 1A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $210 cost. June 1 Paid $11,280 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region. PB9-3 (Algo) Part 1-b to 3 1-b. Prepare the journal entries for each of the above transactions. 2. For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization, if any, that Randy's Restaurant Company should report for the quarter ended June 30. Equipment is depreciated using the straight-line method with a useful life of five years and no residual value. The RRC franchise right is amortized using the straight-line method with a useful life of four years and no residual value. 3. Prepare a journal entry to record the depreciation and amortization, if any, calculated in requirement 2. Complete this question by entering your answers in the tabs below. Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5>> Record the purchase of a new walk-in cooler for $6,800 paying $1,900 cash and signing a note for the rest. Note: Enter debits before credits