Mavis Company's statement of cash flows showed net cash provided by operating activities of $47,000 in 2016. Mavis reported an increase in accounts payable of $6,000, an increase in inventory of $2,000, depreciation expense of $3,000, and dividends paid of $8,000. Mavis's net income for 2016 was

a. $48,000.

b. $40,000.

c. $39,000.

d. $32,000.