In $2019,$ Trader Company acquired a parcel of land for a cash purchase price of $$179,000$ with the intention of building a retail store in

the near future. In late $2020,$ in the midst of the COVID$-19$ crisis, Trader Company 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 $$155,000.$ In $2022,$

Trader Company eventually sold the parcel of land for a cash sales price of $$191,000$ 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 Company?

b$.$ At what amount would land be reported in the December $31,2020,$ balance sheet of Trader Company?

c$.$ Calculate the gain or loss on the sale of land that would be reported in the December $31,2022,$ income statement of Trader

Company