31 For each of the independent situations identied below, consider and conclude whether the entity is required by the Corporations Act to prepare nancial statements and: if so, whether it is a 'reporting entity\". You should also note the reporting implications of your decision. {a} ABC Pty Ltd is a small proprietary company. The shareholders are Mr and Mrs ABC. who also manage the company's day-to-day operations. The company3s bankers} The Bani:= receive monthly management accounts: budgeted cashow information and the yearend statutory accounts- L0 2.6 {b} F Pty Ltd is a large companyone of only two in Ausualiamvolved in The manufacture of widgets. Although the shares are tightly heldby family members the company employs more than EDI?! sts'. The company has a small number of major suppliers. The company' s sole banker receives the company's statutory accounts under its borrowing agreement. L0 2.6 {c} E Trust is a private trust wherein up to a maximum of 313 members may deposit amounts to be invested in bluechip equities. Members' funds consist of units of $1 each. Quarterly reports are produced: which disclose le market value of the trust assets and the values of each memberls entitlements. LII} l