Presented below is the income statement of Nicklaus, Inc.:

Sales	$475,000
Cost of goods sold	280,000
Gross profit	195,000
Operating expenses	89,000
Income before income taxes	106,000
Income taxes	42,000
Net Income	$64,000

In addition, the following information related to net changes in working capital accounts is presented:

	Increase	Decrease
Cash	$15,000
Trade accounts receivable (net)		$8,400
Inventories	16,200
Salaries payable (operating)	6,000
Trade accounts payable	11,000

The company also indicates that depreciation expense for the year was $14,200.

Cash provided by Operating Activities is:

Select one:

a. $102,400

b. $91,000

c. $23,400

d. $73,200

e. $87,400