P Ltd paid $400 million to acquire 90% of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $100 million and retained profits of $100 million

P Ltd paid $400 million to acquire 90% of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $100 million and retained profits of $100 million. On this date, S Ltd's land which was carried in its statement of financial position at $500 million had a market value of $600 million. S Ltd's share capital comprised 100 million shares which are traded on 31 December 20x8 at a market value of $3.50 per share. The group policy was to measure its non-controlling interest based on its acquisition-date fair value. For 20x8 consolidation, the consolidation journal entry for elimination of "Investment in subsidiary" account should be:



-Dr Share capital $90 million, Dr Beginning retained profit $90 million, Dr Land $100 million Dr Goodwill $120 million, Cr Investment in subsidiary $400 million.
-Dr Share capital $90 million, Dr Beginning retained profit $90 million, Dr Land $90 million Dr Goodwill $130 million, Cr Investment in subsidiary $400 million.
-None of the listed choices.
-Dr Share capital $100 million, Dr Beginning retained profit $100 million, Dr Land $100 million, Cr Investment in subsidiary $300 million.
-Dr Share capital $90 million, Dr Beginning retained profit $90 million, Dr Goodwill $220 million, Cr Investment in subsidiary $400 million.

Which option is it?