At the beginning of $2024,$ Terra Lumber Company purchased a timber tract from Boise Cantor for $$2,620,000.$ After the timber is cleared, the land will have a residual value of $$730,000.$ Roads to enable logging operations were constructed and completed on March $30,2024.$ The cost of the roads, which have no residual value and no alternative use after the tract is cleared, was $$126,000.$ During $2024,$ Terra logged $630,000$ of the estimated $6\mathrm{.}3$ million board feet of timber.