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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 $8,690 by paying $2,800 cash and signing a 55,800 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 $4,500, 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 check for the full $300 cost. June 1 Paid $13,440 cash for the rights to use the name and store concept created by different restaurant that has been successful in the region. 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

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