The following book and fair values were available for Westmont Company as of March 1 Book Value Fair Value 587,750 $ 794,250 Inventory Land 555,250 1,082,250 2,157,500 838,500 (102,000) Buildings Customer relationships Accounts payable 1,805,000 (102,000) (2,000,000) (500,000) (412,500) (486,500) 314,000 Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses Arturo pays cash of $4,337,500 to acquire Westmont. No stock is issued 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.) Journal entry worksheet 2 1 Record the acquisition of Westmont Company. Note: Enter debits before credits. General Journal Transaction Debit Credit Inventory Land Buildings Customer relationships 1 1,082,250 2,157,500 838,500 Accounts payable 102,000 Cash 4,337,500 Record entry Clear entry View general journal Journal entry worksheet