Ontario Lumber Company prepares lumber for companies who manufacture furniture. The main product is finished lumber with a byproduct of wood shavings. The byproduct is sold to plywood manufacturers. For July the manufacturing process incurred $170,000 in total costs. Eighty thousand board metres of lumber were produced and sold along with 6,800 kilograms of shavings. The finished lumber sold for $3.50 per board metre and the shavings sold for $0.50 a kilogram. There were no beginning or ending inventories. Required: Prepare an income statement showing the byproduct using the following Asset Recognition Methods (1) Net Realizable Value (2) Other Income at Production.