(Equity Method) On January 1, 2010, Meredith Corporation purchased 25% of the common shares of Pirates Company for $200,000.

(Equity Method) On January 1, 2010, Meredith Corporation purchased 25% of the common shares of Pirates Company for $200,000. During the year, Pirates earned net income of $80,000 and paid dividends of $20,000.Required:Prepare the entries for Meredith to record the purchase and any additional entries related to this investment in pirates Company in 2010.

(Equity Method) On January 1, 2010, Meredith Corporation purchased 25% of the commonshares of Pirates Company for $200,000. During the year, Pirates earned net income of$80,000 and paid dividends…

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