E3 Lopez Sales Company had the following balances in its accounts on January 1, Year 2: 00 Cash Merchandise Inventory Land Common Stock Retained Earnings $ 57,000 37,000 97,000 77,000 114,000 5 points Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $29,600 for $62,900. 2. Sold land that cost $38,800 for $72,800. eBook Print Required a. Determine the amount of gross margin recognized by Lopez. b. Determine the amount of the gain on the sale of land recognized by Lopez. References a. Gross margin b. Gain on sale of land