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

	Book Value			Fair Value
Inventory	$	439,750		$	401,250
Land		776,250			1,019,250
Buildings		2,025,000			2,346,750
Customer relationships		0			873,750
Accounts payable		(114,500)			(114,500)
Common stock		(2,000,000)
Additional paid-in capital		(500,000)
Retained earnings 1/1		(445,000)
Revenues		(506,500)
Expenses		325,000

Arturo pays cash of $4,403,500 to acquire Westmont. No stock is issued and Arturo pays $50,600 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.