Find the goodwill and the non-controlling interest

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Question - P Ltd paid $300 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 $400 million had a market value of $500 million. The group policy was to measure non-controlling interest based on its share of the acquisition-date fair value of identifiable net assets of subsidiary acquired. Find the "Goodwill" and the "Non-controlling interest" in the consolidated statement of financial position as at 31 December 20x8?

1. $30 million and $20 million.

2. None of the listed choices.

3. $120 million and $30 million.

4. $120 million and $20 million.

5. $30 million and $30 million.

Reference no: EM132634261

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