Oaktree Company purchased new equipment and made the following expenditures:Purchase price-$55,000Sales tax-3,200Freight charges for shipment of equipment-800Insurance on the equipment for the first year-1,000Installation of equipment-2,000The 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