JDS reported net earnings of $50,000 for the year. During the year, accounts receivable increased by $8,000, accounts payable decreased by $4,000 and depreciation expense of $6,000 was recorded. The corporation distributed $5,000 in cash dividends and purchased $12,000 in equipment during the year. Net cash provided by operating activities for the year, using the indirect method, is Select one: a. $44,000 b. $50,000 c. $56,000 d. $54,000