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

	Book Value			Fair Value
Inventory	$	375,750		$	341,250
Land		797,250			1,082,250
Buildings		2,040,000			2,340,000
Customer relationships		0			861,000
Accounts payable		(93,500	)		(93,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(437,500	)
Revenues		(495,000	)
Expenses		313,000

Arturo Company pays $4,110,000 cash and issues 20,100 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 $23,000 and Arturo pays $45,800 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.)

Please go through step by step how u get the calculations