Northwest Products purchased 400 acres of timberland for $2,070 per acre in January 2019. They paid $12,000 to get the land ready for logging (roads, etc.) and $85,000 for the equipment necessary to cut and remove the logs. The equipment could be used on other projects. The service life of the equipment is estimated at 5 years; $15,000 in residual value. Northwest intends to log(remove) the mature trees and then sell the land to a land management company. The land is estimated to have a value of $500 per acre without the mature timber. Total board feet to be harvested is estimated at 4,000 board feet per acre. During 2019, Northwest Products logged 4,250 trees (1,062,500 board feet). The company sold 985,000 board feet. At December 31, 2019, what was reported on the balance sheet for Timberlands and for Lumber inventory, respectively