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 es 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