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

	Book Value			Fair Value
Inventory	$	296,000		$	242,750
Land		766,500			1,034,250
Buildings		2,150,000			2,453,000
Customer relationships		0			846,750
Accounts payable		(106,500	)		(106,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(428,000	)
Revenues		(467,000	)
Expenses		289,000

Arturo pays cash of $4,271,250 to acquire Westmont. No stock is issued and Arturo pays $51,100 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.)

• Record the acquisition of Westmont Company.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1

• Record the legal fees related to the combination.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
2