6. Both Parnell Corporation and Plankton Company have wholly owned subsidiaries. Parnell has an Intercompany Dividends Revenue
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6. Both Parnell Corporation and Plankton Company have wholly owned subsidiaries. Parnell has an Intercompany Dividends Revenue ledger account, and an Intercompany Investment Income account is included in the Plankton ledger. Do both companies use the same method of accounting for their subsidiaries’ operating results? Explain.
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