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

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 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.$)$