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:
Employment Standards Act
Legislation that outlines the minimum standards of employment, including wages, working hours, and conditions, that must be provided to employees by employers.
Canada Labour Code
A federal law in Canada that regulates employment standards, labor relations, and workplace health and safety in federally regulated sectors.
Above-Market Wages
Above-market wages refer to compensation rates higher than the average or standard for a particular job or industry.
Pay Scale
A structure that determines the compensation levels for different positions within an organization, often reflecting experience, education, and responsibility.
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