Prepare the journal entry necessary to record the purchase of Vaughn's common stock. $($Credit account titles are automatic

indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and

the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Investment in Vaughn CompanyOn January $2,2020,$ Bramble Company acquired $90\%$ of the outstanding common stock of Vaughn Company for $$540,000$ cash. Just

before the acquisition, the balance sheets of the two companies were as follows: