Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percentowned subsidiary Oakley Co. follow:

2014

2013

Cash

$

2,450

$

11,600

Accounts receivable (net)

56,900

31,500

Merchandise inventory

94,050

36,250

Buildings and equipment (net)

94,800

111,500

Trademark

108,000

123,500

Totals

$

356,200

$

314,350

Accounts payable

$

87,250

$

67,750

Notes payable, long-term

0

26,500

Noncontrolling interest

51,900

45,000

Common stock, $10 par

200,000

200,000

Retained earnings (deficit)

17,050

(24,900)

Totals

$

356,200

$

314,350

Additional Information for Fiscal Year 2014

	Iverson and Oakleys consolidated net income was $60,250.
	Oakley paid $7,000 in dividends during the year. Iverson paid $10,000 in dividends.
	Oakley sold $19,900 worth of merchandise to Iverson during the year.
	There were no purchases or sales of long-term assets during the year.

In the 2014 consolidated statement of cash flows for Iverson Company:

Net cash flows from operating activities were

a. $28,750.

b. $31,500.

c. $19,500.

d. $39,000.