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1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After harvesting, the land is anticipated to have a fair market

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1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After harvesting, the land is anticipated to have a fair market value of $1,500,000. In 2019, Big Timber harvests 800 acres and sales the timber from 350 acres for $1,100,000. Record the purchase and all subsequent transactions. What is the gross profit percentage on the product that was sold

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