Nordstrand Company's net income last year was $36,000. Changes in selected balance sheet accounts for the year appear below:

Increases

(Decreases)

Debit balance:

Account receivable         ($7,000)

  Inventory     ($5,000)

   Prepaid expenses $3,000

Credit balances

    Accumulated depreciation $18,000

   Accounts payable $13,000

   Accrued liabilities ($9,000)

   Taxes payable $0

   Deferred taxes $1,000

Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flows would be: a. $4,000 b. $68,000 c. $50,000 d. $54,000