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In: AccountingThe following book and fair values were available for WestmontCompany as of March 1.Book...The following book and fair values were available for WestmontCompany as of March 1.Book ValueFair Value Inventory$300,000$248,250 Land816,0001,085,250 Buildings2,050,0002,375,500 Customer relationships0822,750 Accounts payable(100,000)(100,000) Common stock(2,000,000) Additional paid-in capital(500,000) Retained earnings 1/1(395,000) Revenues(454,500) Expenses283,500Arturo Company pays $3,470,000 cash and issues 24,300 shares ofits $2 par value common stock (fair value of $50 per share) for allof Westmont’s common stock in a merger, after which Westmont willcease to exist as a separate entity. Stock issue costs amount to$25,800 and Arturo pays $47,400 for legal fees to complete thetransaction.Prepare Arturo’s journal entry to record its acquisition ofWestmont. (If no entry is required for a transaction/event,select "No journal entry required" in the first accountfield.)