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

	Book Value			Fair Value
Inventory	$	296,000		$	242,750
Land		766,500			1,034,250
Buildings		2,150,000			2,453,000
Customer relationships		0			846,750
Accounts payable		(106,500)			(106,500)
Common stock		(2,000,000)
Additional paid-in capital		(500,000)
Retained earnings 1/1		(428,000)
Revenues		(467,000)
Expenses		289,000

Arturo Company pays $3,400,000 cash and issues 25,400 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 $25,300 and Arturo pays $51,100 for legal fees to complete the transaction.

Prepare Arturos journal entry to record its acquisition of Westmont.

1. Record the acquisition of Westmont Company. 2. Record the legal fees related to the combination.

3. Record the payment of stock issuance costs.