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Assume that P purchased 70% of Sco, on 1/1X1. On 1/1/X4, P acquired 80% of...

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Accounting

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Assume that P purchased 70% of Sco, on 1/1X1. 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? a. P must present consolidated financial statements that include P, S, and T in both years X2 and X4. b. P should consolidate P, S, and T in year four but only consolidate Pand Sin year X3 C. 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. d. None of the above

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