The following book and fair values were available for Westmont Company as of March1 Book Value Fair value $ 630, 000 600, 000 750,000 990,000 1,709, 000 2,000, 000 800,000 (80,000) (80,000) Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses (2,000,000) (500,000) (360, 000) (420,000) 280, 000 Arturo Company pays $4,000,000 cash and issues 20,000 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 $25,000 and Arturo pays $42,000 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.)