Exercise 8-24 (Algorithmic) (LO. 5) The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $42,200 Subi (4,220) 16,880 Sub2 Sub3 8,440 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? 63,300 and the total consolidated tax liability is If the relative taxable income method, the consolidated taxable income is $ $ 18,990 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 42,200 X Subi 0 Sub2 Sub3 $