2 0.66 points 2 015754 book Hint References Southwest Milling Co. purchased a front-end loader to move stacks of lumber.

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2 0 66 Points 2 015754 Book Hint References Southwest Milling Co Purchased A Front End Loader To Move Stacks Of Lumber 1 (27.28 KiB) Viewed 10 times

2 0.66 points 2 015754 book Hint References Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $117,420. The seller agreed to allow a 5.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,360. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,250. The loader operator is paid an annual salary of $6,450. The cost of the company's theft insurance policy increased by $2,420 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $10,600. Required Determine the amount to be capitalized in an asset account for the purchase of the front-end loader. (Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.) Costs that are to be capitalized List price Total costs $ 124,410 $ 124,410