On January 1, 2016, Vaughn Corporation granted 10,800 options to key executives. Each option allows the executive to purchase one share of Vaugh common stock at a price of $20 per share. The options were exercisable within a 2-year period beginning January 1, 2018, if the grantee is still emplo at the time of the exercise. On the grant date, Vaughn's stock was trading at $26 per share, and a fair value option pricing model determines total cor $431,000 On May 1, 2018, 8,640 options were exercised when the market price of Vaughn's stock was $31 per share. The remaining options lapsed in 2020 bec decided not to exercise their options Prepare the necessary journal entries related to the stock option plan for the years 2016 through 2020. (Credit account titles are automatically ing amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Date Account Titles and Explanation Debit Credit 5/1/18