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P Ltd paid $350 million to acquire 80% of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $300 million and retained profits of $200 million

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P Ltd paid $350 million to acquire 80% of S Ltd on 31 December 20x8 when S Ltd's net assets were represented by share capital of $300 million and retained profits of $200 million. On this date, S Ltd had a contingent liability for which it had a 25% chance of paying damages of $100,000 to another company. The group policy was to measure non-controlling interest based on its share of acquisition-date fair value of identifiable net assets of subsidiary acquired. For 20x8 consolidation, the consolidation journal entry for elimination of "Investment in subsidiary" account should be:
Group of answer choices
-Dr Share capital $240 million, Dr Beginning retained profit $160 million, Cr Provision for contingent liability $20 million, Cr Goodwill $30 million, Cr Investment in subsidiary $350 million.
-Dr Share capital $300 million, Dr Beginning retained profit $200 million, Cr Provision for contingent liability $100 million, Cr Goodwill $50 million, Cr Investment in subsidiary $350 million.
-Dr Share capital $240 million, Dr Beginning retained profit $160 million, Dr Goodwill $30 million, Cr Provision for contingent liability $80 million, Cr Investment in subsidiary $350 million.
-None of the listed choices.
-Dr Share capital $240 million, Dr Beginning retained profit $160 million, Cr Provision for contingent liability $20 million, Cr Gain from bargain purchase $30 million, Cr Investment in subsidiary $350 million.

Which option is it?