Problem: Module 2 Textbook Problem 12 Learning Objective: 2-8 Identify and determine the cost of long-term operational assets Southwest Milling Co, purchased a front-end loader to move stacks of lumber. The loader had a list price of $117760. The seller agreed to allow a 5.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point Freight cost amounted to $2,660. Southwest Miling had to hire a specialist to calibrate the loader. The specialist's fee was 5760. The loader operator is paid an annual salary of $11,380. The cost of the company's theft insurance policy increased by $1,620 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $12,600 Required Determine the amount to be capitalized in the 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) Conts that are to be capitalized: List price Total cost