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

	Book Value			Fair Value
Inventory	$	333,250		$	281,250
Land		794,250			1,059,000
Buildings		2,025,000			2,385,750
Customer relationships		0			820,500
Accounts payable		(94,500	)		(94,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(396,000	)
Revenues		(473,500	)
Expenses		311,500

Arturo Company pays $3,900,000 cash and issues 29,000 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 $26,600 and Arturo pays $45,000 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.