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

	Book Value			Fair Value
Inventory	$	260,500		$	229,750
Land		759,000			1,069,500
Buildings		2,170,000			2,535,250
Customer relationships		0			825,000
Accounts payable		(119,000	)		(119,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(413,000	)
Revenues		(480,000	)
Expenses		322,500

Arturo Company pays $4,060,000 cash and issues 26,600 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 $27,500 and Arturo pays $47,100 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.)

1) Record the acquisition of Westmont Company

2) Record the legal fees related to the combination

3) Record the payment of stock issuanace cost

Transaction	General Journal	Debit	Credit
1)
2)
3)