The balance in retained earnings at December 31, 2020 was $1448000 and at December 31, 2021 was $1169000. Net income for 2021 was $992000. A stock dividend was declared and distributed which increased common stock $499000 and paid-in capital 547000. A cash dividend was declared and paid. The stock dividend should be reported on the statement of cash flows (indirect method) as an outflow from investing activities of $546000 Stock dividends are not shown on a statement of cash flows. an outflow from financing activities of $546000 an outflow from financing activities of $499000