a) SPG Ltd, a supplier of sailing equipment, was incorporated 10 years ago and is 60 percent owned by GPS Ltd. SPG 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 companys activities closely to obtain repayment of its debt. The company must now obtain the banks authorization for any expenditure over $5000 and no changes in operations of the company are permitted without the banks approval. The above independent situations, determine whether or not control exists and, if so, by which party (under IFRS 10). Discuss the reasons for your answers.