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

	Book Value			Fair Value
Inventory	$	692,500		$	643,750
Land		757,500			1,047,750
Buildings		1,755,000			2,073,750
Customer relationships		0			804,750
Accounts payable		(102,000	)		(102,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(434,500	)
Revenues		(488,500	)
Expenses		320,000

Arturo pays cash of $4,288,000 to acquire Westmont. No stock is issued and Arturo pays $49,100 for legal fees to complete the transaction.

Prepare Arturos 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.)

Answer is not complete Transaction General Journal Debit 643,750 1,047,750 2073.7500 804,750 Credit Inventory Land Buildings Customer relationships Goodwil Accounts payable Common stock Additional paid-in capital Cash 102,000 4,288,000 49,100 4,288,000 Professional services expense 49,100 Cash 49,100