Pearson Resorts Uses a Financial Entity to Obtain Secured Debt

Pearson Resorts uses a financial entity to obtain secured debt. On January 1, 2021, Pearson determines that the financial entity is a variable interest entity and Pearson is the primary beneficiary. Pearson has no equity interest in the VIE. The VIE's trial balance on January 1, 2021 is as follows:
$$\begin{array} { l r } & \text { Dr (Cr) } \\\text { Receivables } & \$ 65,000 \\\text { Other assets }& 10,000 \\\text { Liabilities } & \{ 74,000 \} \\\text { Capital stock } & \{ 1,200 \}\\\text { Retained deficit } & \$ 200 \\\text { Total }&\$\quad0\\\end{array}$$ The VIE's receivables have a fair value of $62,000 and its other assets have a fair value of $8,000. The fair value of the VIE is $12,000.
Required
Prepare the eliminating entries to consolidate the VIE with Pearson on January 1, 2021, assuming the VIE and Pearson are:
a. Already under common control.
b. Not previously under common control.