Beta Pty Ltd is a proprietary company with three shareholders, each of whom is closely involved in the operations of the company. Beta Pty Ltd is a relatively small player in the chemical sector in Victoria and has no plans to expand its operations. Although Beta Pty Ltd only has two creditors that it has dealt with over a number of years, the company currently owes a significant amount of money to both creditors. The company employs 8 people, each of whom is a close family member of one of the shareholders. a) Based on the above information, explain whether Beta Pty Ltd is a 'Reporting Entity'. (5 marks) b) In addition to the 8 people employed by Beta Pty Ltd, the company has gross operating revenue of $22 million and gross assets of $28 million. Is Beta Pty Ltd a 'large' proprietary company? What is the implication of this decision in regards to the financial reporting of Beta Pty Ltd