The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory $ 406,000 $ 363,500 Land 817,500 1,087,500 Buildings 2,005,000 2,314,750 Customer relationships 0 868,500 Accounts payable (128,500 ) (128,500 ) Common stock (2,000,000 ) Additional paid-in capital (500,000 ) Retained earnings, 1/1 (424,500 ) Revenues (482,500 ) Expenses 307,000

Arturo Company pays $4,150,000 cash and issues 22,800 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 $33,500 and Arturo pays $44,000 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.)