Inventory Land Buildings $ The following book and fair values were available for Westmont Company as of March 1. Fair Value 318,000 Book Value 367,500 $ 756,000 2,040,000 998,250 2,346,000 Customer relationships 0 Accounts payable (88,000) 842,250 (88,000) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 Revenues Expenses (412,000) (446,000) 282,500 Arturo pays cash of $4,286,500 to acquire Westmont. No stock is issued and Arturo pays $46,100 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.) View transaction list Journal entry worksheet 1 2 Record the acquisition of Westmont Company. Note: Enter debits before credits. General Journal Debit Credit 318,000 998,250 2,346,000 842,250 398,500 88,000 Transaction 1 Inventory Land Buildings Customer relationships Goodwill Accounts payable Common stock Additional paid-in capital Cash >