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

* Revenues of $120,000 were earned and received in cash.

* Bank loans of $18,000 were paid off.

* Equipment of $40,000 was purchased with cash.

* Expenses of $73,600 were paid.

* Stockholders purchased additional shares for $44,000 cash.

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

	$26,000.
	$32,400.
	$40,000.
	$46,400.