The following book and fair values were available for Westmont Company as of March 1. Book Value Inventory Land Buildings Customer relationships Accounts payable $ Fair Value 406,000 $ 363,500 817,500 2,005,000 1,087,500 2,314,750 0 (128,500) 868,500 (128,500) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (424,500) Revenues Expenses (482,500) 307,000 Arturo Company pays $4,150,000 cash and issues 22,800 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 $33,500 and Arturo pays $44,000 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.)