The following book and fair values were available for Westmont Company as of March 1. Book Value Fair Value Inventory $ 538,750 $ 499,250 Land 768,750 1,011,750 Buildings 1,835,000 2,177,750 Customer relationships 0 843,000 Accounts payable (97,500 ) (97,500 ) Common stock (2,000,000 ) Additional paid-in capital (500,000 ) Retained earnings, 1/1 (405,000 ) Revenues (445,000 ) Expenses 305,000 Arturo Company pays $4,030,000 cash and issues 25,400 shares of its $2 par value common stock (fair value of $50 per share) for all of Westmont’s common stock in a merger, after which Westmont will cease to exist as a separate entity. Stock issue costs amount to $31,600 and Arturo pays $49,700 for legal fees to complete the transaction. Prepare Arturo’s 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.)