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

Book Value Fair Value

Inventory $ $367,500$ $ $318,000$

Land $756,000998,250$

Buildings $2,040,0002,346,000$

Customer relationships $0842,250$

Accounts payable $(88,000)(88,000)$

Common stock $(2,000,000)$

Additional paid$-$in capital $(500,000)$

Retained earnings, $1/1$

$(412,000)$

Revenues $(446,000)$

Expenses $282,500$

Arturo pays cash of $$4,286,500$ to acquire Westmont. No stock is issued and Arturo pays $$46,100$ 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.$)$