Required information [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 $5,400 by paying $1,200 cash and signing a $4,200 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 $3,200, 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 $140 cost. 1 Paid $9,600 cash for the rights to use the name and store concept created by a different restaurant that has been successful in the region. June Required: Required: -a. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.) Date Assets Liabilities Stockholders' Equity April 01 April 02 April 30 May 01 June 01 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 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 calculated in requirement 2. Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 3 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.) View transaction list Req 1B Req 2 Req3 Prepare the journal entries for each of the above transactions. (If no entry is required for a transacti Required" in the first account field.) View transaction list X 1 Record the purchase of a new walk-in cooler for $5,400 paying $1,200 cash and signing a note for the rest. 2 O cash Record the equipment (by replacing the air-conditioning system in the walk-in cooler) at a cost of $3,200, purchased on account. 3 Record the payment in full for the installation of the air conditioning system. redit 4. Record the payment of $140 incurred on the repairs to the restaurant's front door. 5 Record the franchise rights purchased for $9,600 for the use of the name and store concept that was created by a different restaurant. Note : = journal entry has been entered Complete this question by entering your answers in the tabs below. Req 1B Req 2 Req 3 For the tangible and intangible assets acquired in the preceding transactions, determine the amount of depreciation and amortization 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. (Do not round intermediate calculations.) Show less A Partial Year Equipment Franchise Rights Req 1B Reg 2 Req 3 Prepare a journal entry to record the depreciation and amortization calculated in requirement 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the depreciation and amortization expenses on the walk-in cooler and franchise rights for the quarter ended June 30. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal