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 $28,800 for $61,200. 2. Sold land that cost $38,400 for $72,000. 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