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The following information was described in a note of Cruton Packing Co., a public company that follows IFRS: During August,

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The following information was described in a note of Cruton Packing Co., a public company that follows IFRS: "During August, Bigelow Products Corporation purchased 212,450 shares of the Company's common shares, which constitutes approximately 35% of the shares outstanding. Bigelow has since obtained representation on the Board of Directors. An affiliate of Bigelow Products Corporation acts as a food broker for Cruton Packing in the Toronto marketing area. The commissions for such services after August amounted to approximately $33,000." Why is this information disclosed?
Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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Intermediate Accounting

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

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Question Posted: August 23, 2015 09:14:54
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