Inventory Land $ The following book and fair values were available for Westmont Company as of March 1. Fair Value 250,000 1,112,250 Book Value 281,500 $ Buildings 805,500 2,070,000 2,416,500 Customer relationships 0 Accounts payable (82,500) 870,000 (82,500) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (421,500) Revenues Expenses (446,000) 293,000 Arturo pays cash of $4,365,250 to acquire Westmont. No stock is issued and Arturo pays $50,000 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.)