Super Sweet Sodas, Inc. (SSSI) acquired a 70% interest in Kavity Killer Toothpaste Inc. (KKTI) on January 1, 2009. SSSI paid $1,400 in cash for its interest in KKTI. The fair value of KKTIs assets is $1,200, and the fair value of their liabilities is $400.

Provide the journal entry for the acquisition using US GAAP.

Provide the journal entry for the acquisition using IFRS, assuming that SSSI does not wish to report the noncontrolling interest at fair value.