Exercise 7-2B Record purchase of equipment (LO7-1) A company purchased a new machine and made the following expenditures: Purchase price Sales tax Shipment of machine Insurance on the machine for the first year Installation of machine $56,000 5,050 810 510 1,620 The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Record the above expenditures for the new machine. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the expenditures for the new machine. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal