Retained profits of Smith pic for the year ended 31 May 1984 amounted to £176000 after adjusting for the following :
Depreciation £110 000 Amortisation of development expenditure £36000 Interest payable £34000 Gain on disposal of fixed assets £17000 Directors' fees £24000 Proposed dividends £20000 Corporation tax payable £84000 The source of funds from operations applicable to the funds flow statement prepared in accordance with SSAP 10 is:

(a) £409000;

(b) £467000;

(c) £443000;

(d) £305000.