On December 31,20X5,CI Co.purchased 100% of the outstanding common shares of SA Ltd.for $1,500,000 in cash;80% of the cash was obtained by issuing a five-year note payable.The statements of financial position of CI and SA immediately before the acquisition and issuance of the notes payable were as follows (in 000s): 
Required:
Prepare the journal entry that CI will post to record the acquisition of CI.Prepare the consolidated statement of financial position for CI immediately following the acquisition of SA.
Definitions:
Period Cost
Expenses that are not directly tied to the production process and are expensed in the period in which they are incurred, such as selling and administrative expenses.
Cost Accounting Systems
The methods and techniques used to monitor, record, and analyze costs associated with the production of goods and services.
Manufacturing Operations
Processes involved in the production of goods, encompassing all activities from raw material procurement to final product delivery.
Product Cost
The total of all costs associated with making a product, including raw materials, labor, and overhead.
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