Che Exercise 8-4A Determining the cost of an asset LO 8-1 Doints Southwest Milling Co, purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,510. The seller agreed to allow a 4.50 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point Freight cost amounted to $2,240. Southwest Miling had to hire a specialist to calibrate the loader. The specialist's fee was $920. The loader operator is paid an annual salary of $33,440. The cost of the company's theft Insurance policy Increased by $2.340 per year as a result of acquiring the loader. The loader had a four year useful life and an expected salvage value of $10,500 Required a. Determine the amount to be capitalized in an asset account for the purchase of the loader (Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.) Costs that we to be capitalurad List price Loss Discount Freight cost Specialist foe Total cos Saved Help Sau b. Record the purchase in general Journal format. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar) View transaction list View journal entry worksheet No Event General Journal Debit Credit Equipment Cash Equipment Cash Equipment 1 of 6 !! Next >