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

Arturo pays cash of $4,200,000 to acquire Westmont. No stock is issued and Arturo pays $42,000 for legal fees to complete the transaction.

Prepare Arturos journal entries to record its acquisition of Westmont.

Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings, 1/1 Revenues Expenses Book Value Fair Value $ 630,000 $ 600,000 750,000 990,000 1,700,000 2,000,000 @ 800,000 (80,000) (80,000) (2,000,000) (500,000) (360,000) (420,000) 280,000 Arturo pays cash of $4,200,000 to acquire Westmont. No stock is issued and Arturo pays $42,000 for legal fees to complete the transaction. Prepare Arturo's 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.) No Credit Transaction 1 Answer is not complete. General Journal No journal entry required No journal entry required Debit 0 1 0 2 2 42,000 Additional paid-in capital Cash 42,000