Prepare arturo journal entry to record

Reference no: EM13687290

Book Value Fair Value
Inventory $ 439,750 $ 401,250
Land 776,250 1,019,250
Buildings 2,025,000 2,346,750
Customer relationships 0 873,750
Accounts payable (114,500 ) (114,500 )
Common stock (2,000,000 )
Additional paid-in capital (500,000 )
Retained earnings 1/1 (445,000 )
Revenues (506,500 )
Expenses 325,000

Arturo pays cash of $4,403,500 to acquire Westmont. No stock is issued and Arturo pays $50,600 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.)

Reference no: EM13687290

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