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Determine the amount to be capitalized in an asset account

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Question - Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $117,950. The seller agreed to allow a 4.75 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,120. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,180. The loader operator is paid an annual salary of $21,060. The cost of the company's theft insurance policy increased by $2,190 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $6,100.

Required - Determine the amount to be capitalized in an asset account for the purchase of the front-end loader.

Reference no: EM132161879

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