The following book and fair values were available for Westmont Company as of March 1. Inventory Land Buildings Customer relationships Accounts payable Common stock Book Value $ Fair Value 450,250 $ 413,750 1,091,250 1,920,000 2,292,750 785,250 0 (109,500) (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (399,500) Revenues Expenses (433,500) 287,000 846,000 (109,500) Arturo Company pays $3,460,000 cash and issues 29,100 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 $29,600 and Arturo pays $50,800 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.) Answer is not complete. No Transaction General Journal Debit Credit 1 1 Inventory Land 413,750 1,091,250 Buildings 2,292,750 Goodwill 1,226,750 846,000 Customer relationships Gain on bargain purchase Additional paid-in capital Cash Accounts payable 1,396,800 3,460,000 109,500 2 2 Professional services expense 50,800 Cash 50,800 3 3 Additional paid-in capital Cash 29,600 29,600