Oaktree Company purchased new equipment and made the following expenditures: Purchase price $66,666 Sales tax 3,766 Freight charges 'For' shipment of equipment 856 Insurance on the equipment 'For' the first year' 1,656 Installation of equipment 2,566 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.) \fRecord any expenditures not capitalized in the purchase of equipment. Note: Enter debits before credits