In the following situation, discuss and determine whether a parentsubsidiary relationship exists, and which entity, if any, is a parent. You must fully explain and support your answer. This includes identifying and discussing each of the important facts or considerations in each case. 1. Amy Ltd holds 30% of the shares issued by Sheldon Ltd. The other shareholders come from mixed backgrounds, but each holds on average 10% of shares in Sheldon Ltd. Only three of the other shareholders have an interest in the management of the company. There are seven directors of Sheldon Ltd. Four of these are appointed by Amy Ltd. The other three directors are appointed by the three other shareholders who have an interest in the management of the company. Most of the remaining shareholders live outside Australia and rarely attend general meetings of Sheldon Ltd unless they have other business to attend to in the country around the same time as the general meetings are held.