During the month of May, Henderson Company had the following transactions:

Revenues of $52,000 were earned and received in cash.

Bank loans of $3,000 were paid off.

Equipment of $12,000 was purchased.

Expenses of $32,800 were paid.

Stockholders purchased additional shares for $14,000 cash.

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

52,000.

18,200.

19,200.

37,000.