Saved Lopez Sales Company had the following balances in its accounts on January 1, 2018: Cash Merchandise Inventory Land Common Stock Retained Earnings $ 59,000 39,000 99,000 79,000 118,000 Book Print Terences Lopez experienced the following events during 2018: 1. Sold merchandise inventory that cost $31,200 for $66,300. 2. Sold land that cost $39,600 for $74,300. 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