Corporation Powns 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 $670,000 (7,000) (1,650) Corporation T $(285,000) 7,700 7,200 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 retum. Complete this question by entering your answers in the tabs below. Required A Required B Compute each corporation's taxable income if each files a separate tax return. (Net loss(es) should be indicated by a minus sign.) Corporation P's Separate Return Corporation T's Separate Return Taxable income (NOL) Required B > 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 consolidat Complete this question by entering your answers in the tabs below. Required A Required B Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax Taxable income