22. Lawford Company's equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were a. $210,000. b. $250,000 c. $280,000. d. $320,000. 23. Which of the following would not be included in the operating activities section of a statement of cash flows? a. Cash inflows from returns on loans (i.e., interest) b. Cash inflows from returns on equity securities (i.e., dividends) C. Cash outflows to governments for taxes d. Cash outflows to reacquire treasury stock