The balance in retained earnings at December 31, 2019 was $1,440,000 and at December 31, 2020 was $1,164,000. Net income
for 2020 was $1,000,000. A stock dividend was declared and distributed which increased common stock $500,000 and paid-in capital
$220,000. A cash dividend was declared and paid. The stock dividend should be reported on the statement of cash flows (indirect method) as
a.	an outflow from financing activities of $500,000.
b.	an outflow from financing activities of $720,000.
c.	an outflow from investing activities of $720,000.
d.	Stock dividends are not shown on a statement of cash flows.