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PB$9-3($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 $$6,000$ by paying $$1,500$ cash and signing a $$4,500$ 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 $$3,500,$ purchased on account.

April $30$ Wrote a check for the amount owed on account for the work completed on April $2.$

May $1$ A local carpentry company repaired the restaurant's front door, for which RRC wrote a check for the full $$170$ cost$.$

June $1$ Paid $$10,320$ cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region.

PB$9-3($Algo$)$ Part $1-$a

$**$please use assets $=$ liabilities $+$ stockholders equity format$**$

$[$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 $$6,000$ by paying $$1,500$ cash and signing a $$4,500$ 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 $$3,500,$ purchased on account.

April $30$ Wrote a check for the amount owed on account for the work completed on April $2.$

May $1$ A local carpentry com$$any repaired the restaurant's front door, for which RRC wrote a check for the full $$170$ cost$.$

June $1$ Paid $$10,320$ cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region.

PB$9-3($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 $2.$