The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory Land Buildings $ 231,000 $ 191,758 822,000 1,119,758 2,138,000 2,447,258 Common stock Customer relationships Accounts payable (104,000) 867,758 (104,088) (2,800,000) Additional paid-in capital (500,000) Retained earnings, 1/1 (417,500) Revenues Expenses (464,580) 303,000 Arturo Company pays $3,780,000 cash and issues 28,700 shares of its $2 per 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 $32,800 and Arturo pays $47,500 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.) Yew techonla Journal entry worksheet 2 3 Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Hecond entry Clear entry View general journal > Arturo Company pays $3,780,000 cash and issues 28,700 shares of its $2 per 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 $32,800 and Arturo pays $47,500 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.) Vew traction Journal entry worksheet < 1 Record the legal fees related to the combination. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal > Arturo Company pays $3,780,000 cash and issues 28,700 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 $32,800 and Arturo pays $47,500 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.) Vew trecho lat Journal entry worksheet < 1 2 3 Record the payment of stock issuance costs. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal >