Lopez Sales Company had the following balances in its accounts on January 1, 2018: points Cash Merchandise Inventory Land Common Stock Retained Earnings $ 60,000 40,000 100,000 80,000 120,000 (8 03:58:03 Skipped Lopez experienced the following events during 2018: 1. Sold merchandise inventory that cost $32,000 for $68,000. 2. Sold land that cost $40,000 for $75,000. eBook Print References 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. a. Gross margin b. Gain on sale of land