Problem 2-24 (Algo) (LO 2-6a, 2-6b, 2-8) The following book and fair values were available for...

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Problem 2-24 (Algo) (LO 2-6a, 2-6b, 2-8) The following book and fair values were available for Westmont Company as of March 1. Inventory Land Book Value Fair Value $ 587,750 $ 555,25 794,250 1,082,258 Buildings Customer relationships Accounts payable Common stock 1,805,000 2,157,500 838,500 (102,000) (182,088) (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 Revenues Expenses (412,588) (486,500) 314,000 Arturo pays cash of $4,337,500 to acquire Westmont. No stock is issued and Arturo pays $44,700 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.) Vew traction l Journal entry worksheet 1 2 Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Hecond entry Clear entry View general journal > Arturo pays cash of $4,337,500 to acquire Westmont. No stock is issued and Arturo pays $44,700 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.) Vew traction la Journal entry worksheet < 1 Record the legal fees related to the combination. Note: Enter debits before credits Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal > Problem 2-24 (Algo) (LO 2-6a, 2-6b, 2-8) The following book and fair values were available for Westmont Company as of March 1. Inventory Land Book Value Fair Value $ 587,750 $ 555,25 794,250 1,082,258 Buildings Customer relationships Accounts payable Common stock 1,805,000 2,157,500 838,500 (102,000) (182,088) (2,000,000) Additional paid-in capital (500,000) Retained earnings, 1/1 Revenues Expenses (412,588) (486,500) 314,000 Arturo pays cash of $4,337,500 to acquire Westmont. No stock is issued and Arturo pays $44,700 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.) Vew traction l Journal entry worksheet 1 2 Record the acquisition of Westmont Company. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Hecond entry Clear entry View general journal > Arturo pays cash of $4,337,500 to acquire Westmont. No stock is issued and Arturo pays $44,700 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.) Vew traction la Journal entry worksheet < 1 Record the legal fees related to the combination. Note: Enter debits before credits Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal >