Check my work Exercise 8-4A Determining the cost of an asset LO 8-1 Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $119,770. The seller agreed to allow a 6.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,130. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,200. The loader operator is paid an annual salary of $24,190. The cost of the company's theft insurance policy increased by $2,180 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $10,900. Required a. 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 $ 0