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 367,500 756,080 2,840,000 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Fair Value $ 318,888 998, 250 2,346,888 842,250 (88,800) (88,880) (2,000,000) (500,000) (412,880) (446,880) 282,588 Arturo Company pays $3,740,000 cash and issues 21,500 shares of Its $2 par value common stock (falr 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 $31,700 and Arturo pays $46,100 for legal fees to complete the transaction. Prepare Arturo's journal entries 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.)