A Company Sold Vacant Land That It Had Owned for Three

A company sold vacant land that it had owned for three years. The difference between the amount of cash receipts and the original cost of land owned by the company

A) is reported as a revenue or expense on the income statement.
B) represents the amount of gain or loss associated with the asset sold.
C) represents the amount of cash associated with the asset sold.
D) should be debited or credited directly to retained earnings.