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Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had...

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Accounting

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Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $116,490. The seller agreed to allow a 5.50 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,090. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $850. The loader operator is paid an annual salary of $9,140. The cost of the company's theft insurance policy increased by $2,220 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $5,600. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign

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