Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Cash Merchandise Inventory Land Common Stock Retained Earnings $ 66,000 46,000 106,000 86,000 132,000 Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $36,800 for $78,200. 2. Sold land that cost $42,400 for $79,500. 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