Savod Chapter 8 Homework - Static Check my 1 131 po Southwest Milling Company purchased a front-end loader to move stacks of lumber The loader had a list price of $140,000. The seller agreed to allow a 4 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point Freight cost amounted to $1,200. Southwest Milling had to hire a specialist to calibrate the loader The specialist's fee was $1800. The loader operator is paid an annual salary of $60,000. The cost of the company's theft insurance policy increased by $800 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $6,000 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 ho Complete this question by entering your answers in the tabs below. Required Required Determine the amount to be capitalized in an asset account for the purchase of the loader (Amounts to be deducted should be indicated with minut sigh) Costs that are to be capitale Wat price MC GAW MER 13 19 01 Next >