The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value $ 404,500 $ 353,250 816,000 1,080,000 2,025,000 2,361,750 0 831,000 (102,500) Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid-in capital Retained earnings 1/1 Revenues Expenses (102,500) (2,000,000) (500,000) (456,000) (471,500) 284,500 Arturo pays cash of $4,395,500 to acquire Westmont. No stock is issued and Arturo pays $50,900 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.) View transaction list Journal entry worksheet 1 2 > Record the acquisition of Westmont Company. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet Record the legal fees related to the combination. Note: Enter debits before credits. Transaction General Journal 2 Debit Credit Record entry Clear entry View general journal