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On January 1 2013, Piranto acquires 90 percent of Slinton's outstanding shares. Financial information for these two companies for the years of 2013 and 2014 follows: Note: Parentheses indicate a credit balance. 2013 2014 Piranto Company $(682,000) $(904,000) Sales 410,000 Operating expenses 532,000 Unrealized gross profits as ofend ofyear included in above figures) 51.000 (195,000 (18,000) (36,000 Dividend income-Slinton Company Slinton Company: Sales (241,000 (365,000 Operating expenses 157,000 85.000 Dividends paid (20,000 (40,000 Assume that a tax rate of 40 percent is applicable to both companies.

a. On consolidated financial statements for 2014, what are the income tax expense and the income tax currently payable if Piranto and Slinton file a consolidated tax return as an affiliated group? Income tax expense Income tax payable

b. On consolidated financial statements for 2014, what are the income tax expense and income tax currently payable if they choose to file separate returns? Income tax expense Income tax payable