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

	Book Value			Fair Value
Inventory	$	450,250		$	413,750
Land		785,250			1,091,250
Buildings		1,920,000			2,292,750
Customer relationships		0			846,000
Accounts payable		(109,500	)		(109,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(399,500	)
Revenues		(433,500	)
Expenses		287,000

Arturo Company pays $3,460,000 cash and issues 29,100 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 $29,600 and Arturo pays $50,800 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.)