Northern Corporation reports the following results for the current? year: View the current year results.LOADING... Read the requirements.LOADING... Question content area bottom Part 1 Requirement a. What are Northern's taxable income and income tax liability for the current? year? Begin by computing Northern?'s taxable income. ?(If an input field is not used in the? table, leave the input field? empty; do not select a label or enter a? zero.) Gross income Minus: Taxable income Help me solve thisCalculatorAsk my instructor pop-up content starts Current Year Results Gross profits on sales $151,000 Long-term capital gain 8,000 Long-term capital loss 12,000 Short-term capital gain 11,000 Short-term capital loss 3,000 Operating expenses 45,000 pop-up content ends pop-up content starts Requirements a. What are Northern's taxable income and income tax liability for the current? year? b. How would your answers to Part a change if Northern's ?short-term capital loss is $ 10 comma 000 instead of $ 3 comma 000?? pop-up content ends