The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory $ 300,000 $ 248,250 Land 816,000 1,085,250 Buildings 2,050,000 2,375,500 Customer relationships 0 822,750 Accounts payable (100,000 ) (100,000 ) Common stock (2,000,000 ) Additional paid-in capital (500,000 ) Retained earnings 1/1 (395,000 ) Revenues (454,500 ) Expenses 283,500 Arturo Company pays $3,470,000 cash and issues 24,300 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 $25,800 and Arturo pays $47,400 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.)