k nces The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value $ 439,750 $ 401,250 776,250 1,019,250 2,025,000 2,346,750 873,750 (114,500) Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Arturo pays cash of $4,403,500 to acquire Westmont. No stock is issued and Arturo pays $50,600 for legal fees to complete the transaction. View transaction list 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.) Journal entry worksheet 1 0 (114,500) (2,000,000) (500,000) (445,000) (506,500) 325,000 2 Note: Enter debits before credits. Transaction 1 Record the acquisition of Westmont Company. General Journal Debit Credit

The following book and fair values were available for Westmont Company as of March 1 . Arturo pays cash of $4,403,500 to acquire Westmont. No stock is issued and Arturo pays $50,600 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.) Journal entry worksheet