The following book and fair values were available for Westmont Company as of March 1.
|Book Value||Fair Value|
|Additional paid-in capital||(500,000||)|
|Retained earnings 1/1||(399,500||)|
Arturo pays cash of $4,422,250 to acquire Westmont. No stock is issued and Arturo pays $51,400 for legal fees to complete the transaction.
Prepare Arturo’s journal entry 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.)