The small-letter word bead is painted on a jetty post just above the water. Which panel shows its reflection?

Water keeps the order but turns every letter upside down: the b becomes a p-shape, the e and a are turned over and the d becomes a q-shape: (d). (c) leaves the b upright, (a) reverses the word (b and d swap places) and (b) is the word turned half a turn.