The following book and fair values were available for Westmont Company as of March 1. Inventory Land Buildings Book Value Fair Value 231,000 $ 191,750 1,119,750 2,130,000 2,447,250 822,000 Customer relationships 0 Accounts payable (104,000) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (417,500) 867,750 (104,000) Revenues Expenses (464,500) 303,000 Arturo Company pays $3,780,000 cash and issues 28,700 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 $32,800 and Arturo pays $47,500 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 191,750 Land 1,119,750 Buildings 2,447,250 Customer relationships Goodwill 867,250 867,750X Accounts payable Common stock Additional paid-in capital Cash Professional services expense 2 2 Cash 3 3 Gain on bargain purchase Cash 692,500 104,000 x 57,400 x 1,377,600 x 47,500 47,500 32,800 32,800