Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $118,660. The seller agreed to allow a 5.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,040. Southwest Milling had to hire a specialist to calibrate the loader. The specialists fee was $890. The loader operator is paid an annual salary of $28,310. The cost of the companys 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 $12,400. Required Determine the amount to be capitalized in an asset account for the purchase