Corporation P owns 93 percent of the outstanding stock of Corporation T. This year, the corporation's records provide the following information: Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $ 590,000 (9,200) (1,900) Corporation T $ (245,000) 6,900 6,800 Required: a. Compute each corporation's taxable income if each files a separate tax return. b. Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return.