Paul carries on a business of forest operations and purchased land for $80,000 and standing trees for $40,000. During the current year he harvests all the timber and incurs $20,000 in harvesting costs. Given that there was no sales in come during the year and assuming that Paul wishes to use the cost method, what is the value of closing stock on hand at 30 June 2020? $20,000 O $40,000 $60,000 O $80,000 O Nil