Exercise 8-24 (LO. 5) The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $10,000 Sub1 (1,500) Sub2 4,000 Sub3 2,000 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "O". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is 14,500 and the total consolidated tax liability is 5,075 X. b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "O". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is 14,500 and the total consolidated tax liability is 5,075 X. b. If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $ 3,171 X Subi $ 0 Sub2 $ 1,268.75 x Sub3