The following are independent situations: a) White Ltd, a supplier of sailing equipment, was incorporated 10 years ago and is 60 per cent owned by Green Ltd. White Ltd has been a very successful business, averaging annual profits of $500,000. However, during the past two years the company has run into financial difficulties and has defaulted on its loan with its bank. Consequently the bank has used the powers in the loan agreement to monitor the company's activities closely in order to obtain repayment of its debt the company must now obtain the bank's authorisation for any expenditure over $5,000 and no changes in operations of the company are permitted without the bank's approval. b) ABC Ltd is a family-run book publisher that has purposely refrained from using high- technology equipment over the past five years as the director considered it to be a waste of the company's resources. As a result, the company's antiquated equipment has failed to produce quality material and has been very inefficient compared with ABC's competitors. During the current year, the company's bankers took possession of the company's assets, converted all the debt into equity and two directors of the bank were appointed to ABC's board, which now totals four people. The bank is undecided on whether it should sell the company's assets, which have little recoverable value, or inject further equity into the company, purchase more advanced equipment and attempt to trade on and sell the business as a going concern. c) Moon Ltd is a 30 per cent shareholder of investment Sun Ltd. The other shareholders have smaller shareholdings (around 10 to 14 per cent) and are always too busy to attend annual general meetings. Moon Ltd has two non-executive seats on the board and the remaining three are held by other shareholders- one chief executive officer who is a shareholder and two non- executives who do make an attempt to attend board meetings. d) Brown Ltd is a 51 per cent shareholder in Black Ltd and currently has two out of five board seats. Red Ltd is the remaining 49 per cent shareholder and currently has the other three seats. Brown Ltd is a passive shareholder as it is happy with the way Red Ltd has been running the company. e) Do Ltd, Re Ltd and Mi Ltd are each 33 33 per cent shareholders of Melody Ltd, a small proprietary company that is involved in the music industry. Do Ltd and Mi Ltd are passive shareholders with one board seat each out of a total of three. Re Ltd has one board seat and is also involved in the day-to-day running of the business. REQUIRED: For each of the above independent situations, determine whether or not control exists and, if so, by which party (pursuant to IFRS 10). Discuss the reasons for your answer.