C:8-42 Intercompany Transactions. P and S Corporations have filed consolidated tax returns on a calendar year basis for several years. Both corporations use the accrual method of accounting. On August 1 of the current year (Year 1), P loans S $250,000 on a one-year note. P charges interest at a 12% simple rate. S repays the loan plus interest on July 31 of Year 2. How does this intercompany transaction affect the groups consolidated taxable income