In 2019, Trader Co. acquired a parcel of land for a cash purchase price of $175,000 with the intention of building a retail store in the near future. In late 2020, in the midst of the COVID-19 crisis, Trader Co. was unable to secure the bank financing required to begin construction of the store as planned. At the time of the loan application, the land had an appraised value of $151,000. In 2022, Trader Co. eventually sold the parcel of land for a cash sales price of $183,000 after the local real estate market had fully recovered.

Required:
a. At what amount would land be reported in the December 31, 2019, balance sheet of Trader Co.?
b. At what amount would land be reported in the December 31, 2020, balance sheet of Trader Co.?
c. Calculate the gain or loss on the sale of land that would be reported in the December 31, 2022, income statement of Trader Co.