#12 & #14

Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information: Required: a. Compute each corporation's taxable income if each flles a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Complete this question by entering your answers in the tabs below. Compute each corporation's taxable income if each files a separate tax return. Note: Net loss(es) should be indicated by a minus sign. In its first year (2021), Camco, Incorporated generated a $98,000 net operating loss, and it made a $5,600 cash donation to a local charity. In its second year (2022), Camco generated a $219,600 profit, and it made a $10,600 donation to the same charity: Required: Compute Camco's taxable income for its second year