Oaktree Company purchased new equipment and made the following expenditures: Purchase price Sales tax Freight charges for shipment Insurance on the equipment f year Installation of equipment The equipment, including sales tax, was purchased on open account, with payment due in 30 days. The other expenditures listed above were paid in cash. Required: Prepare the necessary journal entries to record the above expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)