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Business, 09.10.2019 23:00 kamarionnatillman13

The following book and fair values were available for westmont company as of march 1. book value fair value inventory $ 350,000 $ 298,250 land 820,500 1,085,250 buildings 2,040,000 2,361,000 customer relationships 0 871,500 accounts payable (105,000 ) (105,000 ) common stock (2,000,000 ) additional paid-in capital (500,000 ) retained earnings 1/1 (425,500 ) revenues (496,000 ) expenses 316,000 arturo company pays $3,900,000 cash and issues 21,300 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 $28,900 and arturo pays $48,000 for legal fees to complete the transaction. prepare arturo’s journal entry to record its acquisition of westmont.

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The following book and fair values were available for westmont company as of march 1. book value fai...
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