Acquisition and Improvement of Assets Prepare entries in the books of Thinker, Inc., to reflect the following. (Assume cash transactions.) Purchased a milling machine to be used by the firm in its production process. 1. Invoice price Cash discount taken Installation costs Sales tax on machine. $35,000 700 1,600 1,750 2. Performed normal periodic maintenance on the milling machine at a cost of $350. 3. Added to the milling machine a governor costing $500, which is expected to increase the machine's useful life