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.)