The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory $ 644,750 $ 609,000 Land 779,250 1,086,750 Buildings 1,770,000 2,138,250 Customer relationships 0 842,250 Accounts payable (102,000 ) (102,000 ) Common stock (2,000,000 ) Additional paid-in capital (500,000 ) Retained earnings, 1/1 (424,500 ) Revenues (457,000 ) Expenses 289,500

Arturo pays cash of $4,456,250 to acquire Westmont. No stock is issued and Arturo pays $49,800 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.)