Rochester 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 $ 56,000 5,050 810 510 1,620 Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Transaction 1 1 Equipment Prepaid Insurance Cash General Journal Debit Credit 63,480 510 3,500 x Accounts Receivable 61,050 x