How is the umbilical cord (navel) of a newborn disposed of according to the Sunnah?

The majority of jurists recommend burying what a person removes from their nails, hair, and blood, based on what was narrated that the Prophet (peace be upon him) used to do so, and due to the action of Ibn Umar (may Allah be pleased with them both). The Shafi'is have also recommended burying them because they are parts of a human being. Therefore, the umbilical cord is a part that has separated from a human being, so it should be buried and concealed, as should the 'alaqah (clot) and the mudghah (lump of flesh).