(Answered) Question - equity method on january 1 2010 meredith

Accounting

Question - (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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