Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $123,290. 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 $2,660. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $770. The loader pperator is paid an annual salary of $29,950. The cost of the company's theft insurance policy increased by $1,700 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $5,800. Required Determine the amount to be capitalized in an asset account for the purchase of the loader. o. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet Note: tnter deDits Derore crears