JUUNI Check my work Problem 2-22 (LO 2-6, 2-6b) - 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 644,750 $ 609,000 779,250 1,086,750 1,770,000 2,138,250 0 842,250 (102,000) (102,000) (2,000,000) (500,000) (424,500) (457,000) 289,500 Arturo Company pays $4,130,000 cash and issues 28,200 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 $32,400 and Arturo pays $49,800 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.) View transaction list