1 - Record the acquisition of Westmont Company.

2 - Record the legal fees related to the combination.

3 - Record the payment of stock issuance costs.

The following book and fair values were available for Westmont Company as of March 1 Book Value Fair Value $ 450,250 413,750 1,091,250 1,920,000 2,292,750 846,000 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/.1 Revenues Expenses 785,250 (109,500) (109,500) (2,000,000) (500,000) (399,500) (433,500) 287,000 Arturo Company pays $3,460,000 cash and issues 29,100 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont's common stock in a merger, after which Westmont will cease to exist as a separate entity Stock issue costs amount to $29,600 and Arturo pays $50,800 for legal fees to complete the transaction Prepare Arturo's journal entry to record its acquisition of Westmont. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)