On 31 December 20x7, P Ltd paid $500 million to acquire 80% of S Ltd when S Ltds net assets at fair value were represented by share capital of $100 million and retained profit of $400 million. On the same day, P Ltd paid $200 million to acquire 40% of A Ltd when A Ltds net assets at fair value were represented by share capital of $100 million and retained profit of $200 million. As of 31 December 20x8, $50 million of the goodwill on acquisition of S Ltd and $20 million of the goodwill on acquisition of A Ltd were deemed to be impaired. For 20x8 consolidation, the consolidation journal entry for goodwill impairment should be:

Group of answer choices

a."Dr Goodwill impairment $50 million;

Cr Goodwill $50 million,

and Dr Share of associates profit $8 million;

Cr Investment in associate $8 million."

b. "Dr Goodwill impairment $40 million;

Cr Goodwill $40 million,

and Dr Share of associates profit $8 million;

Cr Investment in associate $8 million."

c."Dr Goodwill impairment $50 million;

Cr Goodwill $50 million,

and Dr Share of associates profit $20 million;

Cr Investment in associate $20 million."

d."Dr Goodwill impairment $70 million;

Cr Goodwill $70 million."

e. None of the listed choices.