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

Book Value Fair Value
Inventory $ 398,500 $ 359,500
Land 823,500 1,137,750
Buildings 1,965,000 2,330,250
Customer relationships 0 842,250
Accounts payable (113,500 ) (113,500 )
Common stock (2,000,000 )
Additional paid-in capital (500,000 )
Retained earnings 1/1 (399,500 )
Revenues (486,000 )
Expenses 312,000

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.)

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