On January 1, 2020 Grace Company had an $8,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2020, Grace provided $50,000 of service on account. The company collected $48,000 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account. Based on this information, the amount of cash flow from operating activities that would appear on the 2020 statement of cash flows is: a) $50,000. b) $49,700. c) $45,800. d) $48,000