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

Cash $ $62,000$

Merchandise Inventory $42,000$

Land $102,000$

Common Stock $82,000$

Retained Earnings $124,000$

Lopez experienced the following events during Year $2$:

Sold merchandise inventory that cost $$33,600$ for $$71,400.$

Sold land that cost $$40,800$ for $$76,500.$

Required

Determine the amount of gross margin recognized by Lopez.

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