On January 1, 2019, Meredith plc purchased 25% of the ordinary shares of Pirates Company for 200,000.

Question:

On January 1, 2019, Meredith plc 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.
Instructions
Prepare the entries for Meredith to record the purchase and any additional entries related to this investment in Pirates Company in 2019.