On January 1,2021 , Mary Corporation purchased 30% of the common shares of Pirate Company for $400,000. During the year, Pirate earned net income of $100,000 and paid dividends of $80,000. Fair value of investment at the end of the year is $470,000. Required: Use the Fair Value Option to prepare the entries for Mary to record the purchase and any additional entries related to this investment in Pirate Company in 2021