Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,760. Theseller agreed to allow a 6.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shippingpoint. Freight cost amounted to $2,260. Southwest Milling had to hire a specialist to calibrate the loader. The specialist'sfee was $950. The loader operator is paid an annual salary of $6,200. The cost of the company's theft insurance policyincreased by $1,600 per year as a result of acquiring the loader. The loader had a four-year useful life and an expectedsalvage value of $8,000.RequiredDetermine the amount to be capitalized in the asset account for the purchase of the front-end loader. (Round youranswers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign.)Costs that are to be capitalized $115760List priceLess: DiscountFreight CostSpecialist feeTotal costs?????22602260950125916

Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in…

Answered: 2260 2260 950 125916

Business

Accounting

2260 2260 950 125916

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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