5:43 Holland Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax $ 71,000 5,800 9601 660. 1,920 Shipment of equipment Insurance on the equipment for the first year Installation of equipment Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. General Journal Debit Credit 0000 79,680 660 3,540 76,800 No Transaction 1 1 Equipment Prepaid Insurance Cash Accounts Payable