On December $31,$ Year $1,$ P Company purchased $80\%$ of outstanding shares of S Company for $$7,900$ cash with these statements provided immediately after acquisition transaction.

Prepare a consolidated statement of financial position at the date of acquisition under the identifiable net asset $($INA$)$ method $($often times referred to as the Parent Company Extension Theory$)$

Prepare a consolidated statement of financial position at the date of acquisition under the fair value enterprise $($FVE$)$ method $($often times referred to as the Entity Theory$)$

NOTE: In both cases make sure you prepare a schedule to calculate the acquisition differential, including the calculation of goodwill and $NCl$ at acquisition.