Business, 13.10.2020 03:01 yousifgorgees101

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 4.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,640. Southwest Milling had to hire a specialist to calibrate the loader. The specialists fee was $1,160. The loader operator is paid an annual salary of $18,160. The cost of the companys theft insurance policy increased by $2,040 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $14,000.RequiredDetermine the amount to be capitalized in the asset account for the purchase of the front-end loader. Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Cost that are to be capitilized AnswerList Price Either ADD or Less: Discount Either ADD or Less: Discount Either ADD or Less: Discount Total Costs $0

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Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list p...