The following book and fair values were available for Westmont Company as of March
Book Value Fair Value
Inventory $ $
Land
Buildings
Customer relationships
Accounts payable
Common stock
Additional paidin capital
Retained earnings,
Revenues
Expenses
Arturo pays cash of $ to acquire Westmont. No stock is issued and Arturo pays $ for legal fees to complete the transaction.
Prepare Arturos journal entries to record its acquisition of Westmont. If no entry is required for a transactionevent select No journal entry required" in the first account field.
