Week 8 Comprehensive In-Class Question Annalie Ltd acquired 100% of the share capital of Cherisse Ltd on 1 July 2015 for $750,000. At that time the shareholders equity of Cherisse Ltd consisted of: Share Capital General Reserve Retained Profits $ 500,000 100,000 50,000 All identifiable net assets of Cherisse Ltd are recorded at fair value at this date except for an equipment which was unrecorded at the control date but had a fair value of $120,000 and an estimated life of 10 years.