Question: Need an answer ASAP . will give multiple thumbs up. On January 1, 2019 Lilo Limited purchased a machine for $11,500. The purchaser paid the

Need an answer ASAP . will give multiple thumbs up. On

Need an answer ASAP . will give multiple thumbs up.

On January 1, 2019 Lilo Limited purchased a machine for $11,500. The purchaser paid the freight charges of $375. The machine required a special steel mounting and power connections costing $260, and another $750 was paid to assemble the machine and get it into operation. In moving the machine onto its steel mounting, it was dropped and damaged. The repairs cost $190. Later $30 of raw materials were consumed in adjusting the machine so that it would produce a satisfactory product. These products consumed were not as a result of the damage and were not resalable. Required: 1. Prepare the journal entry to record the total purchase price of the asset, assuming that the purchaser paid cash

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