P Company purchased an 80% interest in and obtained control of S Company for P848,000 on July 1, 2016. S Company's statement of financial position on that date was as follows: Assets Cash Receivables Inventory Financial assets at fair value through OCI Plant and equipment (net) Patents Total assets Liabilities and equity Payables Share capital Retained earnings Total liabilities and equity Inventory Financial assets at fair value through OCI P150,000 200.000 300,000 120,000 Plant and equipment (net) Patents 110,000 40,000 P920,000 A study of S Company's assets and liabilities revealed the following information: FV P400,000 150,000 200,000 120,000 P120,000 300,000 500,000 P920.000 The fair values of the remainder of the assets and liabilities were equal to their book values. Non-controlling interests will be measured at proportionate fair value of the acquiree's net assets. Required: a. Prepare the entry in the books of P Company on July 1, 2016 to record the acquisition of stocks. b. Prepare a schedule to determine and allocate the fair value and book value differential. C. PREPARE CONSOLIDATION WORKING PAPER ENTRIES