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P Ltd acquired 100% of S Ltd in May 20x5

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P Ltd acquired 100% of S Ltd in May 20x5. On this date, S Ltd's land which was carried at cost of $500 million was deemed to have a fair value of $600 million. During 20x8, S Ltd sold the land to a third party for $800 million. P Ltd did not have any land. The group accounting policy was to account for land at cost. The "Profit on sale of land" and "Land" in the 20x8 consolidated financial statements should be respectively:
-$300 million and $100 million.
-$200 million and $100 million.
-$300 million and $nil.
-$200 million and $nil.
-None of the listed choices.