Oaktree Company purchased new equipment and made the followingexpenditures: Purchase price $ 50,000 Sales tax 2,700 Freightcharges for shipment of equipment 750 Insurance on the equipmentfor the first year 950 Installation of equipment 1,500 Theequipment, including sales tax, was purchased on open account, withpayment due in 30 days. The other expenditures listed above werepaid in cash. Required: Prepare the necessary journal entries torecord the above expenditures. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)
