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

Book ValueFair ValueInventory$609,250$572,250Land755,2501,050,000Buildings1,800,0002,152,500Customer relationships0849,750Accounts payable(91,000)(91,000)Common stock(2,000,000)Additional paid-in capital(500,000)Retained earnings 1/1(416,500)Revenues(481,500)Expenses324,500

Arturo Company pays $4,150,000 cash and issues 20,900 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 $28,600 and Arturo pays $44,600 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.)