The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory $ 350,000 $ 298,250 Land 820,500 1,085,250 Buildings 2,040,000 2,361,000 Customer relationships 0 871,500 Accounts payable (105,000 ) (105,000 ) Common stock (2,000,000 ) Additional paid-in capital (500,000 ) Retained earnings 1/1 (425,500 ) Revenues (496,000 ) Expenses 316,000 Arturo pays cash of $4,380,000 to acquire Westmont. No stock is issued and Arturo pays $48,000 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.)