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

	Book Value			Fair Value
Inventory	$	630,000		$	600,000
Land		750,000			990,000
Buildings		1,700,000			2,000,000
Customer relationships		0			800,000
Accounts payable		(80,000	)		(80,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(360,000	)
Revenues		(420,000	)
Expenses		280,000

Arturo Company pays $4,000,000 cash and issues 20,000 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 $25,000 and Arturo pays $42,000 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.)

Record the acquisition of Westmont Company.

Transaction	General Journal	Debit	Credit
1	Inventory
	Land
	Buildings
	Customer relationships
	Goodwill
	Accounts payable
	Common stock
	Additional paid-in capital
	Cash

Record the legal fees related to the combination.

Transaction	General Journal	Debit	Credit
2	Professional services expense
	Cash

Record the payment of stock issuance costs.

Transaction	General Journal	Debit	Credit
3	Additional paid-in capital
	Cash