On January 1, 2012, Meredith Corporation purchased 25% of the common shares of Pirates Company for $200,000.
Question:
On January 1, 2012, 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.
Instructions
Prepare the entries for Meredith to record the purchase and any additional entries related to this investment in Pirates Company in 2012.
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