Lopez Sales Company had the following balances in its accounts on January $1,$ Year $2$:

Cash $ $58,000$

Merchandise Inventory $38,000$

Land $98,000$

Common Stock $78,000$

Retained Earnings $116,000$

Lopez experienced the following events during Year $2$:

Sold merchandise inventory that cost $$30,400$ for $$64,600.$

Sold land that cost $$39,200$ for $$73,500.$

Required:

Determine the amount of gross margin recognized by Lopez.

Determine the amount of the gain on the sale of land recognized by Lopez.