Oaktree Company purchased new equipment and made the following expenditures: Purchase price $45,000 Sales tax 2,200 Freight charges for shipment of equipment 700 Insurance on the equipment for the first year 900 Installation of equipment 1,000 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