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(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.
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(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...