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 Non controlling interest should be Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $5 million, Cr Non controlling interest $95 million None of the listed choices Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $25 million, Cr Non controlling interest $75 million Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $20 million, Cr Non controlling interest $80 million Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $5 million, Cr Gain from bargain purchase $7 5 million, Cr Non controlling interest $87 5 million Which option is it

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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

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 "Non-controlling interest" should be:

Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $5 million, Cr Non-controlling interest $95 million.
None of the listed choices.
Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $25 million, Cr Non-controlling interest $75 million.
Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $20 million, Cr Non-controlling interest $80 million.
Dr Share capital $60 million, Dr Beginning retained profit $40 million, Cr Provision for contingent liability $5 million, Cr Gain from bargain purchase $7.5 million, Cr Non-controlling interest $87.5 million.

Which option is it?