The balance in retained earnings at December 31, 2020 was $1446000 and at December 31, 2021 was $1160000. Net income for 2021 was $1025000. A stock dividend was declared and distributed which increased common stock $490000 and paid-in capital $158000. 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 investing activities of $648000.

B

Stock dividends are not shown on a statement of cash flows.

C

an outflow from financing activities of $648000.

D

an outflow from financing activities of $490000.