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  3. the following book and fair values were available

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

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Accounting

The following book and fair values were available for Westmont Company as of March 1.
Book Value Fair Value
Inventory $ 367,500 $ 318,000
Land 756,000998,250
Buildings 2,040,0002,346,000
Customer relationships 0842,250
Accounts payable (88,000)(88,000)
Common stock (2,000,000)
Additional paid-in capital (500,000)
Retained earnings, 1/1
(412,000)
Revenues (446,000)
Expenses 282,500
Arturo pays cash of $4,286,500 to acquire Westmont. No stock is issued and Arturo pays $46,100 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.)

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