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

Net income $86,600
Depreciation expense 13,300
Gain on sale of land 7,000
Increase in merchandise inventory 3,350
Increase in accounts payable 7,450
Proceeds from sale of land $8,700

a. -$31,200.
b. -$15,600.
c. $16,600.
d. $38,100.
e. $24,300.