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

	Book Value			Fair Value
Inventory	$	200,500		$	167,000
Land		817,500			1,097,250
Buildings		2,175,000			2,506,500
Customer relationships		0			860,250
Accounts payable		(87,000	)		(87,000	)
Common stock		(2,000,000	)
Additional paid-in capital		(500,000	)
Retained earnings, 1/1		(431,500	)
Revenues		(478,500	)
Expenses		304,000

Arturo Company pays $3,650,000 cash and issues 22,500 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmonts common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $33,600 and Arturo pays $49,300 for legal fees to complete the transaction.

Prepare Arturos 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.)