The following book and fair values were available for Westmont Company as of March 1. Book Value Inventory Land $ Buildings 538,750 768,750 1,835,000 Fair Value $ 499,250 1,011,750 Customer relationships 0 Accounts payable (97,500) 2,177,750 843,000 (97,500) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (405,000) Revenues Expenses (445,000) 305,000 Arturo Company pays $4,030,000 cash and issues 25,400 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont's common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $31,600 and Arturo pays $49,700 for legal fees to complete the transaction. Prepare Arturo's journal entries 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 1 2 3 Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View transaction list Journal entry worksheet 1 2 3 Record the legal fees related to the combination. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 Record the payment of stock issuance costs. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal