On January 1, 2015, Meredith Corporation purchased 25% of the ordinary shares of Pirates Company for 200,000.

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On January 1, 2015, 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.

Instructions Prepare the entries for Meredith to record the purchase and any additional entries related to this investment in Pirates Company in 2015.

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Related Book For  answer-question

Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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