On January $2,2020,$ Winds Company acquired $90\backslash \%$ of the outstanding common stock of Coronado Company for $\backslash$$$558,000$ cash. Just before the acquisition, the balance sheets of the two companies were as follows:

The fair values of Coronado's assets and liabilities are equal to their book values with the exception of land. Prepare the journal entry necessary to record the purchase of Coronado's common stock. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

Investment in Winds Company