The following book and fair values were available for Westmont Company as of March 1. (please see attachment)

Arturo Company pays $3,740,000 cash and issues 21,500 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 $31,700 and Arturo pays $46,100 for legal fees to complete the transaction.

Prepare Arturo?s journal entry 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.)