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 pays cash of $4,288,000 to acquire Westmont. No stock is issued and Arturo pays $49,100 for legal fees to complete the transaction.

Prepare Arturos 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.)