Inventory Land The following book and fair values were available for Westmont Company as of March 1. Fair Value $167,000 Book Value $ 200,500 817,500 1,097,250 Buildings 2,175,000 2,506,500 Customer relationships Accounts payable (87,000) 860,250 (87,000) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (431,500) Revenues (478,500) Expenses 304,000 Arturo Company pays $3,650,000 cash and issues 22,500 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 $33,600 and Arturo pays $49,300 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 Record the acquisition of Westmont Company.