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

	Book Value			Fair Value
Inventory	$	281,500		$	250,000
Land		805,500			1,112,250
Buildings		2,070,000			2,416,500
Customer relationships		0			870,000
Accounts payable		(82,500	)		(82,500	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings 1/1		(421,500	)
Revenues		(446,000	)
Expenses		293,000

Note: Parentheses indicate a credit balance.

Arturo Company pays $3,960,000 cash and issues 29,500 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont