Assume that P purchased 70% of S co. on 1/1X On 1/1/X4, P acquired 80% of T company. Assume that you are presenting comparative financial statements for the years ending on 12/31/X3 and 12/31/X4. Which of the following are true statements under US GAAP?

1. P must present consolidated financial statements that include P, S, and T in both years X2 and X4.
2. P should consolidate P, S, and T in year four but only consolidate P and S in year X3
3. P should consolidate P, S, and T in year X4 only, but must present a footnote to the year X4 financial statements that disclose the acquisition of T.
4. None of the above