Jones & Jones, CPAs, a one-office public accounting firm, has been asked to audit Majestic Mfg. Co. for the 20X2 calendar year. Majestic Mfg.Co. is not a public interest entity as that term is defined in the Conceptual Framework for AICPA Independence Standards. A survey of Jones & Jones, CPAs personnel revealed several instances where relationships of partners and staff with Majestic Mfg.Co. might impair independence. The partners of Jones & Jones, CPAs want the audit engagement, but they will not terminate any staff person or ask any partner to resign to obtain the work. With the restriction on non-termination of partners or staff, which, if any, of the following threats to Jones and Jones, CPAs independence with Majestic Mfg.Co.cannot be eliminated or sufficiently mitigated so that independence is not impaired? Olson, a professional staff person, below the rank of manager, has been employed on a full time basis with Jones & Jones, CPAs since August 20X0. Olson was also a director of Majestic Mfg.Co. for the first six months of 20X2. Swanson is a manager with Jones & Jones CPAs. He had been treasurer of Majestic Mfg.Co. from January 20X0 through March 20X2. He resigned his position as treasurer and accepted employ- ment as a manager with Jones & Jones, CPAs on April 1, 20X2. Anderson, a Jones & Jones, CPAs partner, is a close personal friend of the president of Majestic Mfg.Co. All of the preceding threats to independence can be eliminated or mitigated. None of the above threats to independence can be eliminated or mitigated