Book Value Fair Value Inventory Land Buildings Customer relationships Accounts payable 367,5ee 756,eee 2,040,eee 318,000 998,250 2,346,000 842,250 (88,e00) (88,000) (2,000,e00) (see,eee) (412,eee) (446,e00) 282,500 Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses Arturo Company pays $3,740,000 cash and issues 21,500 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 $31,700 and Arturo pays $46,100 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.) Record the acquisition of Westmont Company. Note: Enter debits before credits. Credit Debit General Journal Transaction 1 1 of 4 Prev Next > Record the legal fees related to the combination. Note: Enter debits before credits. Debit General Journal Credit Transaction 2 Record entry Clear entry View general jou 3 2 Record the payment of stock issuance costs. Note: Enter debits before credits. Credit Debit General Journal Transaction 3 Clear entry Record entry View general j