BobCo Incurred $60,000 of Qualifying Research and Experimentation Expenses in 20x5.It

BobCo incurred $60,000 of qualifying research and experimentation expenses in 20x5.It had gross receipts of $420,000.Prior years' research expenses and gross receipts were $$\begin{array} { l l l } \text { Research}& \text {Expenses } & \text { Gross Receipts } \\1986 & \$ 33,000&\$ 370,000 \\1987 & 25,000&250,000 \\1988 & 32,000&380,000 \\2000 & 33,000&410,000 \\2001 & 30,000&410,000 \\2002 & 25,000&400,000 \\2003 & 32,000&380,000 \\2004 & 30,000&410,000\end{array}$$ BobCo's tax liability before credits was $25,000.Its research credit for 2005 is:

A) $25,000
B) $10,000
C) $20,000
D) $8,000
E) $4,800