On January 1, 2023 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, 2023 of $50,000. During 2023, current earnings & profits before distributions totaled $15,000. Mohawk Corp. made a $20,000 cash distribution to Ichabod on June 30, 2023. One month later, Ichabod sold his stock to Olivia on July 31, 2023 for $80,000. Mohawk Corp. also made a $40,000 cash distribution to Olivia on November 1, 2023. How much dividend income do Ichabod and Olivia each recognize for 2023? Question 12 options: a) Ichabod $12,000; Olivia $15,000 b) Ichabod $15,000; Olivia $12,000 c) Ichabod $20,000; Olivia $30,000 d) Ichabod $20,000; Olivia $7,000 e) Ichabod $17,000; Olivia $10,000