Question: Exercise 8-24 (Algorithmic) (LO. 5) The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $70,800 Sub1

Exercise 8-24 (Algorithmic) (LO. 5) The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $70,800 Sub1

Exercise 8-24 (Algorithmic) (LO. 5) The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $70,800 Sub1 (7,080) Sub2 28,320 Sub3 14,160 Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a. What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is s 106,200 and the total consolidated tax liability 22,302 is s 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

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