arturo company pays $3,530,000 cash and issues 24,600 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont common stock in a merger, after which Westmont will cease to exist as a separate entity Stock issue costs amount to $33900 and Arturo pays $51400 for legal fees to complete the transaction.

Book Value. Fair Value

Inventory $398500. $359,500

Land 823500. 1,137,750 Buildings 1965000. 2,330,250 Customer relations 0. 842250 Accounts payable (113500) Common Stock (2,000,000) Additional paid-in capital (500,000) Retained earnings (399,500) Revenues (486,000) Expenses 312,000 prepare arturo journal entries to record the acquisition of Wsstmont. Record legal fees related to combination. Record payment stock issuance.