Orion Flour Mills purchased a new machine and made the following expenditures:
Purchase price ........................................................$65,000
Sales tax ..................................................................5,500
Shipment of machine .....................................................900
Insurance on the machine for the first year............................ 600
Installation of machine .................................................1,800
The machine, including sales tax, was purchased on account, with payment due in 30 days. The other expenditures listed above were paid in cash.
Required:
Record the above expenditures for the new machine.