1. Jennings Inc. recognized the following balances in its financial records: Account Dividends payable Retained earnings Dec. 31, 2019 $ 40,000 200,000 Dec 31, 2020 $ 10,000 275,000 Jennings Inc. reported net income of $155,000 in 2020. Based on this information, what is the effect on the financing activities section of the statement of cash flows? A. Cash outflow of $80,000 B. Cash outflow of $110,000 C. Cash outflow of $50,000 Cash outflow of $30,000 D