On March 1, 20Y3, a company sold a tract of land for $305,000 cash. The land was originally purchased for $275,000. Which of the following would occur on the date of sale for the company selling the land?
a) Debit land for $305,000
b) Debit loss on sale for $30,000
c) Debit gain on sale for $30,000
d) Credit gain on sale for $30,000