Exercise 3-14A (Algo) Comparing gross margin and gain on sale of land LO 3-6 Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $28,000 for $59,500. 2. Sold land that cost $38,000 for $71,300. 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