During the month of August, Boyce Company had the following transactions:

$(1)$ Revenues of $$120,000$ were earned and received in cash.

$(2)$ Bank loans of $$18,000$ were paid off.

$(3)$ Equipment of $$40,000$ was purchased with cash.

$(4)$ Expenses of $$73,600$ were paid.

$(5)$ Stockholders purchased additional shares for $$44,000$ cash.

A statement of cash flows for August, would report net cash flows from operating activities of:

Select one:

a$.$ $$46,400.$

b$.$ $$32,400.$

c$.$ $$40,000.$

d$.$ $$26,000.$