At the start of a period, an entity has assets of 12 000 and liabilities of 4 000. During the period, income of 5 000 is earned and expenses of 3 000 are incurred. Distributions to the owner during the period amounted to 1 000. At the end of the period, the entity has liabilities of 5 000. The assets at the end of the period are:

a. 13 000 b. 14 000 c. 15 000 d. 16 000 e. 17 000