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

	Book Value			Fair Value
Inventory	$	404,500		$	353,250
Land		816,000			1,080,000
Buildings		2,025,000			2,361,750
Customer relationships		0			831,000
Accounts payable		(102,500	)		(102,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings, 1/1		(456,000	)
Revenues		(471,500	)
Expenses		284,500

Arturo pays cash of $4,395,500 to acquire Westmont. No stock is issued and Arturo pays $50,900 for legal fees to complete the transaction.

Prepare Arturos 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.)

RECORD THE ACQUISITION OF WESTMONT COMPANY

RECORD THE LEGAL FEES RELATED TO THE COMBINATION