How do you calculate Gain on Bargain Purchase ?

The following book and fair values were available for Westmont Company as of March 1. Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Book Value Fair Value $ 296,000 $ 242,750 766,500 1,034,250 2,150,000 2,453,000 846,750 (106,500) (106,500) (2,000,000) (500,000) ( 428,000) (467,000) 289,000 Arturo pays cash of $4,271,250 to acquire Westmont. No stock is issued and Arturo pays $51,100 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.) No Transaction General Journal Debit Credit 1 1 Inventory Land 242,750 1,034,250 2,453,000 846,750 Buildings Customer relationships Accounts payable Cash 106,500 4,271,250 Gain on bargain purchase 199,000 2 2 51,100 Professional services expense Cash 51,100