Problem 11-03 (Algo) [LO 11-1] 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) Required: Corporation P $720,000 (7,500) (2,150) Corporation T $ (310,000) 8,200 8,200 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 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 minus sign.) Corporation P's Separate Return Corporation T's Separate Return Taxable income (NOL)