Two Unrelated, Calendar Year C Corporations Report the Following Taxable $\begin{array}{llcc}& \text { Olive Corporation } & \text { Magenta Corporation } \\\text { Taxable income } & \$ 70,000 & \$ 90,000\end{array}$

Two unrelated, calendar year C corporations report the following taxable income for 2020:
$\begin{array}{llcc}& \text { Olive Corporation } & \text { Magenta Corporation } \\\text { Taxable income } & \$ 70,000 & \$ 90,000\end{array}$
Magenta Corporation is a qualified personal service corporation.Based on these facts, their corporate tax liability is:

A) $24,500 for Olive and $18,850 for Magenta.
B) $14,700 for Olive and $18,900 for Magenta.
C) $12,500 for Olive and $18,850 for Magenta.
D) $12,500 for Olive and $31,500 for Magenta.