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

	Book Value	Fair Value
Inventory	$	692,500		$	643,750
Land		757,500			1,047,750
Buildings		1,755,000			2,073,750
Customer relationships		0			804,750
Accounts payable		(102,000	)		(102,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(434,500	)
Revenues		(488,500	)
Expenses		320,000

Arturo Company pays $3,580,000 cash and issues 29,800 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmonts common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $28,200 and Arturo pays $49,100 for legal fees to complete the transaction.

Prepare Arturos journal entry to record its acquisition of Westmont.