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 $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 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. 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 minu sign.) Corporation P's Corporation T's 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. 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 minu sign.) Corporation P's Corporation T's Separate Return Separate Return Taxable income (NOL) 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 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 miny sign.) Corporation P's Separate Return Corporation T's Separate Return Taxable income (NOL) CHECK WIR Ordinary operating income (loss) Capital gain (loss) Section 1231 gain (loss) Corporation P $540,000 (8,700) (1,400) Corporation T $(220,000) 6,400 5,800 Compute each corporation's taxable income if each files a separate tax return. 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. Required A Required B Compute consolidated taxable income if Corporation P and Corporation T file a consolidated tax return. Taxable income Required A Required B