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Acquisition Cost of a Fixed Asset Fischer Construction purchased a used front-end loader for $105,000,...

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Acquisition Cost of a Fixed Asset Fischer Construction purchased a used front-end loader for $105,000, terms 1/10, 1/30, F.0.B. shipping point, freight collect. Fischer paid the freight charges of $1,013. One week after the machine was delivered, a check for $103,950 was sent to the seller I The loader required a new battery, which cost Fischer $563. Fischer also spent $900 to have the company name printed on the loader and $1,406 for one year's insurance coverage on it. Fischer hired a new employee to operate it at a wage of $19 per hour, the employee spent one morning (four hours) practicing with the machine and went to work at a construction site that afternoon. Calculate the amount at which the front-end loader should be reported on the company's balance sheet. S x

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