Oaktree Company purchased new equipment and made the following expenditures:

Purchase price$59,000Sales tax3,600Freight charges for shipment of equipment840Insurance on the equipment for the first year1,040Installation of equipment2,400

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.

1. 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.)