Please help with A/P:

Problem 2-23 (Algo) (LO 2-6a, 2-6b)

The following book and fair values were available for Westmont Company as of March 1.

	Book Value			Fair Value
Inventory	$	296,000		$	242,750
Land		766,500			1,034,250
Buildings		2,150,000			2,453,000
Customer relationships		0			846,750
Accounts payable		(106,500	)		(106,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings, 1/1		(428,000	)
Revenues		(467,000	)
Expenses		289,000

Arturo Company pays $3,400,000 cash and issues 25,400 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmonts common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $25,300 and Arturo pays $51,100 for legal fees to complete the transaction.

Prepare Arturos 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.)