The following is a hobby: Income $18,000 Interest and property taxes allocable to hobby $ 8,000 Depreciation $ 4,000 Supplies and fees $ 7,000 In order to calculate the net income from the hobby, the order of the deductions is:

a. Supplies and fees, interest and taxes, depreciation.

b. Depreciation, interest and taxes, supplies and fees.

c. Interest and taxes, supplies and fees, depreciation.

d. Interest and taxes, depreciation, supplies and fees.

e. None of the above.