The following book and fair values were available for Westmont Company as of March 1. Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses Book Value Fair Value $ 245,500 $ 203,750 820,500 1,072,500 2,115,000 2,457,750 0 833,250 (96,000) (96,000) (2,000,000) (500,000) (413,000) (494,000) 322,000 Arturo pays cash of $4,275,250 to acquire Westmont. No stock is issued and Arturo pays $51,200 for legal fees to complete the transaction. Prepare Arturo's 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.) View transaction list Journal entry worksheet Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet