A security analyst obtained the following information from Prestopino Products' financial statements:

	Retained earnings at the end of 2014 were $700,000, but retained earnings at the end of 2015 had declined to $320,000.
	The company does not pay dividends.
	The company's depreciation expense is its only non-cash expense; it has no amortization charges.
	The company has no non-cash revenues.
	The company's net cash flow (NCF) for 2015 was $150,000.

On the basis of this information, which of the following statements is CORRECT?

a. Prestopino had positive net income in 2015, but its income was less than its 2014 income.

b. Prestopino's cash on the balance sheet at the end of 2015 must be lower than the cash it had on the balance sheet at the end of 2014.

c. Prestopino's depreciation expense in 2015 was less than $150,000.

d. Prestopino's NCF in 2015 must be higher than its NCF in 2014.

e. Prestopino had negative net income in 2015.