Book value	Fair value
Inventory	260,500	229,750
Land	759,000	1,069,500
Buildings	2,170,000	2,535,250
Customer Relationship	0	825,000
Accounts Payable	(119,000)	(119,000)
Common stock	(2,000,000)
Additional paid- in capital	(500,000)
retained earnings 1/1	(413,000)
revenues	(480,000)
Expenses	322,500

Arturo Company pays $4,060,000 cash and issues 26,600 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmonts common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $27,500 and Arturo pays $47,100 for legal fees to complete the transaction.

Prepare Arturos journal entry to record its acquisition of Westmont.