Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a IIst price of $124,400. The seller agreed to allow a 4.25 percent discount because Southwest Milling paid cash. Dellvery terms were FoB shipping point. Frelght cost amounted to $2,800. Southwest Milling had to hire a speclallst to callbrate the loader. The speclallst's fee was $1,210. The loader operator is paid an annual salary of $25,530. The cost of the company's theft Insurance policy increased by $1,800 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $8,800. Required a. Determine the amount to be capitalized in an asset account for the purchase of the loader. b. 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 Journal entry worksheet Record purchase of equipment for cash. Record cash paid for freight cost. Note: Enter debits before credits. Note: Enter debits before credits. Journal entry worksheet Note: Enter debits before credits