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Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Lopez experienced the following events during Year 2: 1. Sold

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Lopez Sales Company had the following balances in its accounts on January 1, Year 2: Lopez experienced the following events during Year 2: 1. Sold merchandise inventory that cost $38,400 for $81,600. 2. Sold land that cost $43,200 for $81,000. 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

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