Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $121,350. The seller agreed to allow a 5.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,140. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $770. The loader operator is paid an annual salary of $22,970. The cost of the company's theft Insurance policy increased by $1,880 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,000. 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 Journal entry worksheet A B C Record purchase equipment for cash. Note: Enter debits before credits Event General Journal Credit