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

	Book Value	Fair Value
Inventory	494,000	449,500
Land	763,500	1,060,500
Buildings	1,975,000	2,303,500
Customer Relationships`	0	859,500`
Accounts Payable	(118,000)	(118,000)
Common Stock	(2,000,000)
Additional Paid-in capital	(500,000)
Retained Earnings 1/1	(427,000)
Revenues	(486,000)
Expenses	298,500

Arturo pays cash of $4,420,000 to acquire Westmont. No stock is issued and Arturo pays $49,000 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.)

1. Record the acquisition of Westmont Company.

2. Record the legal fees related to the combination.