On January 1,2020, Mary Corporation purchased 40% of the common shares of Pirate Company for $200,000. During the year, Pirate earned net income of $50,000 and paid dividends of $30,000. Fair value of investment at the end of the year is $230,000. Required: Use the equity method to prepare the entries for Mary to record the purchase and any additional entries related to this investment in Pirate Company in 2020