Use the following information and the indirect method to calculate the net cash provided or used by operating activities:

Cash paid for purchase of plant assets...$15000

Decrease in interest payable...$2000

Depreciation expense...$30000

Gain on retirement of bonds...$32,000

Increase in accoutns receivable...$40,000

Loss on sale of plant assets...$5,000

Net Income...$76,000

Select one:

a. $22,000

b. $117,000

c. $69,000

d. $37,000

e. $91,000