E 10-13 LO2 LO5 Acquisition and Improvement of Assets Prepare entries in the books of Thinker, Inc., to reflect the following. (Assume cash transactions.) 1. Purchased a milling machine to be used by the firm in its production process. 2. Invoice price.... Cash discount taken Installation costs. Sales tax on machine... 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. $35,000 700 1,600 1,750