Montego Companys Cash account had a balance of $14,000 on January 1. Analysis of the companys Cash account during the year revealed the following information:

Decrease in interest payable	$ 1,000
Depreciation expense	30,900
Gain on retirement of bonds	32,300
Increase in accounts receivable	40,000
Loss on sale of plant assets	5,900
Net income	78,000

The net cash provided (used) by operating activities is:

a $23,500

b $59,500

c $59,700

d $41,500

e $94,300