ranite Tiles Inc. (GTI) has purchased a diamond wet saw, used in cutting tiles, for its business on January 3, 2022. he purchase price is $18,500 and GTI has to pay an additional $1,000 to have the asset transported to their warehouse. STI also purchased a 12 month insurance policy for the diamond wet saw for $3,600 on January 3, 2022. The annual maintenance costs for the diamond saw is expected to be $1,500 per month. I REQUIREMENT = Calculate the cost or total capitalized by GTI for the diamond saw on January 3, 2022 and then, record the journal entry for the initial purchase. (3.5 Mark) SPACE FOR YOUR WORK ANSWER: Total cost of GTI diamond saw on January 3, 2022 for accounting purposes