In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:

Depreciation	$38,000
Increase in net accounts receivable	31,000
Decrease in inventory	27,000
Increase in accounts payable	48,000
Increase in interest payable	12,000

Net income is:

Select one:

a.

$29,000

b.

$53,000

c.

$105,000

d.

$217,000

e.

$141,000