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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 $ 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 pays cash of $4,424,000 to acquire Westmont. No stock is issued 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.)

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