P2-14 The following book and fair values were available for Westmont Company as of March 1.
| Book Value | Fair Value | |
| Inventory | 630,000 | 600,000 |
| Land | 750,000 | 990,000 |
| Buildings | 1,700,000 | 2,000,000 |
| Customer relationships – | 800,000 | |
| Accounts Payable | (80,000) | (80,000) |
| Common stock | (2,000,000) | |
| Additional paid-in capital | (500,000) | |
| Retained earnings 1/1 | (360,000) | |
| Revenues | (420,000) | |
| Expenses | 280,000 |
Arturo Company pays $4,000,000 cash and issues 20,000 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 $25,000 and Arturo pays $42,000 for legal fees to compete the transaction.
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