Jennings Inc. recognized the following balances in its financial records: Account Dec. 31, 2019 Dec 31, 2020 Dividends payable $ 40,000 $ 10,000 Retained earnings 200,000 275,000 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 OD) Cash outflow of $30,000