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

	Book Value			Fair Value
Inventory	$	333,250		$	281,250
Land		794,250			1,059,000
Buildings		2,025,000			2,385,750
Customer relationships		0			820,500
Accounts payable		(94,500	)		(94,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(396,000	)
Revenues		(473,500	)
Expenses		311,500

Note: Parentheses indicate a credit balance.

Arturo pays cash of $4,310,000 to acquire Westmont. No stock is issued. Arturo pays $45,000 for legal fees to complete the transaction.

Prepare Arturo