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

Cash $ $55,000$

Merchandise Inventory $35,000$

Land $95,000$

Common Stock $75,000$

Retained Earnings $110,000$

Lopez experienced the following events during Year $2$:

Sold merchandise inventory that cost $$28,000$ for $$59,500.$

Sold land that cost $$38,000$ for $$71,300.$

Required:

Determine the amount of gross margin recognized by Lopez.

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