Thanks to Mei for alerting me. I had pasted the wrong working version of the translation. So here's my correction! Sorry for not checking my work!
After breakfast, a bespectacled old man with long beard and white hair wearing a hat to ward off the winds, led two children into the room. The grandfather father called out to his grandson. After the children paid paying their respects obeisance to his grandfather, he said,
"These two are my good friend's, Li Chang's grandchildren."
早飯之後 early cooked_rice [pp] after
有一老人 have one old man
長鬚白髮 long beard white hair
披風帽戴眼鏡 draped wind hat wearing eye mirror
引二兒入室 lead two children enter room
祖父呼孫 ancestor father call_out grandson
拜之曰 pray him said
此我之好友, 李丈 this my [pp] good friend, Lee Chang(yard, measurement)
彼二兒 these two children
此丈之孫也 These Chang's [pp] grandsons
After breakfast, a bespectacled old man with long beard and white hair wearing a hat to ward off the winds, led two children into the room. The grandfather father called out to his grandson. After paying their obeisance to his grandfather, he said,
"These two are my good friend, Li Chang's grandchildren."
Notes:
1. 風帽 is a kind of ancient hat with a long back (a ducktail) to ward off the winds. Nowadays, it is a hood where it may be attacked to the jacket used for the same purpose.
2. 拜 means to pray. However, if you don't know Chinese culture, you will be mystified when doing such a translation. Filial piety demands the younger generation pay full respect by prostration and do the necessary kowtows. This sort of custom is unfortunately no longer in vogue in modern society except perhaps on grand occasions such as a traditional wedding. This is still followed in South East Asian Chinese societies. After the kowtowing, the bride and groom receive red packets containing lucky amount of money good luck.
3. 李 is a Chinese last name, also used by Koreans. 丈 here refers to a person's name. Remember this classical Chinese primer is written for Koreans.
A cultural note:
Traditional Chinese families like to have the entire clan living under one roof. To be able to have five generations living together is the greatest honour most cannot have. Longevity is an honour and is a big motive in Chinese arts being represented by cranes, peaches etc. There is a thousand ways to write the character for "longevity" 壽
Here's a shortened story… When the Ch'ing Dynasty Emperor Ch'ien Lung (亁隆) saw on the door, a horizontal plaque saying "Under Heaven, The First Family" (天下第一家). The Emperor was visibly annoyed for his should be the one. Therefore this plaque is treasonous and the entire family can be executed. However, he was curious and went in to ask. The explanation given was that even the current monarch cannot make boast to have five generations under the same roof! (五代同堂, five generations in the same hall)
Another slight different version can be found at
http://www.hudie.org/duilian/gs/gs43.htm
Another totally different version of the story but involving the same Emperor can be found at
http://www.storychina.cn/frmPopAuthor_Detail.aspx?ID=33796
Personally I think this story is rather contrived.