On December 31,20X5,CI Co

question 36

Essay

On December 31,20X5,CI Co.purchased 100% of the outstanding common shares of SA Ltd.for $1,100,000 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.

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Definitions:

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