During the current year, Loquat Corporation, a calendar year C corporation, had operating income of $410,000, operating expenses of $260,000, a short-term capital loss of $12,000, and a long-term capital gain of $28,000. How much is Loquat Corporation's income tax liability for the year?

a. $0

b. $31,800

c. $37,380

d. $34,860