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Wendy Day Kite Company owns 40% of the outstanding stock of Strong String Company. During the current year, Strong String reported net income of $15
Wendy Day Kite Company owns 40% of the outstanding stock of Strong String Company. During the current year, Strong String reported net income of $15 million. What effect does Strong String's reported net income have on Wendy Day's financial statements? (Enter your answer in millions. (i.e., $10,000,000 should be entered as 10). Select "No effect" if none of the categories apply for a particular item.)
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