1 The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value 2 Inventory Land points $ Buildings 333,250 794,250 2,025,000 $ 281,250 1,059,000 Customer relationships Accounts payable (94,500) 2,385,750 820,500 (94,500) Common stock (2,000,000) Additional paid-in capital (500,000) eBook Retained earnings, 1/1 (396,000) Revenues Expenses (473,500) 311,500 References Arturo Company pays $3,900,000 cash and issues 29,000 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 $26,600 and Arturo pays $45,000 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.) View transaction list 1 Record the acquisition of Westmont Company. 2 Record the legal fees related to the combination. 3 Record the payment of stock issuance costs. Ex >