On January 1 2010 Meredith Corporation purchased 25 of the
On January 1, 2010, Meredith Corporation purchased 25% of the ordinary shares of Pirates Company for £200,000. During the year, Pirates earned net income of £80,000 and paid dividends of £20,000.

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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