The small-letter word bed is written just above the water of a pond. Which panel shows its image in the water?

Water turns the word upside down but keeps left and right: the b, with its tall stem on the left, becomes a p-like shape (stem going DOWN on the left), the e turns over with its open side now at the top, and the d becomes a q-like shape: (d). (a) and (b) swap left and right, and (c) is a half-turn.