Austin Corporation has investments in a number of other entities, and Austin$$s financial manager has asked your advice on whether certain of these entities should be treated as subsidiaries or associates based on the following circumstances:

a$)$ Austin Corporation owns $47\mathrm{.}5\%$ of the voting shares of Entity A$.$ Moreover, the remaining $52\mathrm{.}5\%$ of the shares of Entity A are owned by a large number of individuals or small companies, and each of them owns less than $1\%$ of the voting shares.

b$)$ Austin Corporation owns $55\%$ of the voting shares of Entity B$,$ and Entity B owns $40\%$ of the voting shares of Entity C$.$ In addition, Austin Corporation owns $60\%$ of the voting shares of Entity D$,$ and Entity D owns $35\%$ of the voting shares of

Entity C$.$

c$)$ Recently, Austin Corporation purchased $60\%$ of the ordinary shares $($including $2$ million $$A$$ shares and $4$ million $$B$$ shares$)$ of Entity E$.$ The details of this purchase are given as follows:

$-$ Prior to the purchase, Entity E had an issue of $6$ million $$A$$ shares, and each $$A$$

share carries a single vote. These $6$ million $$A$$ shares were owned equally by two co$-$founders of Entity E$.$ For the purchase, the co$-$founders of Entity E sold $2$ million $$A$$ shares to Austin Corporation, and Entity E issued $4$ million $$B$$ shares to Austin Corporation. $$B$$ shares do not carry a vote.

Required:

In light of each of the above situations, identify $($with justifications$)$ which of the above entities $($A$,$ B$,$ C$,$ D$,$ and E$)$ should be a subsidiary or an associate of Austin Corporation.