The following book and fair values were available for Westmont Company as of March 1. Book Value Inventory Land Buildings $ 551,500 771,000 1,895,000 Fair Value $ 515,250 1,050,750 Customer relationships 0 Accounts payable (102,000) 2,252,000 825,000 (102,000) Common stock (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 Revenues Expenses (430,000) (495,500) 310,000 Arturo Company pays $4,140,000 cash and issues 20,500 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont's common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $27,600 and Arturo pays $46,900 for legal fees to complete the transaction. Prepare Arturo's journal entries 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.) View transaction list Journal entry worksheet