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 ValueFair Value $ 261,750 231,500 759,750 1, 002,000 2,464,250 849,000 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses 2,150,000 (88,000) (88,000) (2,000,000) (500,000) (415,500) (469,500) 301,500 Arturo Company pays $3,710,000 cash and issues 21,900 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 $29,700 and Arturo pays $46,000 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.)