The following book and fair values were available for Westmont Company as of March 1. Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses Book Value Fair Value $ 587,750 $ 555, 250 794,250 1,082,250 1,805,000 2,157,500 0 838,500 (102,000) (102,000) (2,000,000) (500,000) (412,500) (486,500) 314,000 Arturo Company pays $4,010,000 cash and issues 26,300 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont's common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $25,600 and Arturo pays $44,700 for legal fees to complete the transaction. Prepare Arturo's 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.) View transaction list Journal entry worksheet Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the payment of stock issuance costs. Note: Enter debits before credits. Transaction General Journal 3 Debit Credit Record entry Clear entry View general journal