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

	Book Value			Fair Value
Inventory	$	300,000		$	248,250
Land		816,000			1,085,250
Buildings		2,050,000			2,375,500
Customer relationships		0			822,750
Accounts payable		(100,000	)		(100,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(395,000	)
Revenues		(454,500	)
Expenses		283,500

Arturo Company pays $3,470,000 cash and issues 24,300 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 $25,800 and Arturo pays $47,400 for legal fees to complete the transaction.

Prepare Arturos 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.)