Orion Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax Shipment of equipment Insurance on the equipment for the first year Installation of equipment $ 75,000 6,000 1,000 700 2,000 Required: Determine the financial statement effects of the above expenditures for the new equipment. All expenditures were paid in cash. Note: Amounts to be deducted should be indicated by a minus sign. Assets Equipment Prepaid Insurance Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues 84,000 700 Income Statement Net Expenses Income