Question 12 (3 points) Listen 12. On January 1, 2020 Mohawk Corp., a C corporation, had $12,000 in accumulated earnings & profits. Ichabod, the sole shareholder of Mohawk Corp., had a stock basis at January 1, 2020 of $50,000. During 2020, current earnings & profits before distributions totaled $15,000. Mohawk Corp. made a $20,000 cash distribution to Ichabod on June 30, 2020. One month later, Ichabod sold his stock to Olivia on July 31, 2020 for $80,000. Mohawk Corp. also made a $30,000 cash distribution to Olivia on November 1, 2020. How much dividend income do Ichabod and Olivia each recognize for 2020? a) Ichabod $20,000; Olivia $7,000 b) Ichabod $15,000; Olivia $12,000 c) Ichabod $12,000; Olivia $15,000 d) Ichabod $17,000; Olivia $10,000 e) Ichabod $20,000; Olivia $30,000 Question 13 (3 points)