The following book and fair values were available for Westmont Company as of March 1 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid in capital Retained earnings, 1/1 Revenues Expenses Book Value Fair Value $ 609,250 $ 572,250 755,250 1,050,000 1,800,000 2,152,500 849,750 (91,000) (91,000) (2,000,000) (500,000) (416,500) (481,500 324,500 Arturo Company pays $4,150,000 cash and issues 20,900 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

The following book and fair values were available for Westmont Company as of March 1 Inventory Land Buildings Customer relationships Accounts payable Common stock Additional paid in capital Retained earnings, 1/1 Revenues Expenses Book Value Fair Value $ 609,250 $ 572,250 755,250 1,050,000 1,800,000 2,152,500 849,750 (91,000) (91,000) (2,000,000) (500,000) (416,500) (481,500 324,500 Arturo Company pays $4,150,000 cash and issues 20,900 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 $28,600 and Arturo pays $44,600 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.) View transaction list Journal entry worksheet > 2 3 Record the acquisition of Westmont Company Note: Enter debits before credits Debit Credit General Journal Transaction 1 Prov Noxd
View transaction list Journal entry worksheet Record the legal fees related to the combination Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal
View transaction list Journal entry worksheet