Timber Resource Inc., a forestry company, owns timber resources in northern Quebec. The company produces lumber from these resources. During 20X3, the company cut trees into logs with a fair market value of $600,000. The selling costs estimated at the time were 5% of fair value. At the end of the year, about 20% of these logs have not yet entered production. The 80% that have entered production required $175,000 of production costs to produce lumber into fixed cut lengths that are now available for sale to various customers. By the end of the year, 40% of the lumber was still on hand and ready for sale. There was no work in progress at the year-end. Fair-value information for assets owned at the year-end is provided below: Costs to sell are estimated to be 5% for timber, 5% for logs, and 7% for lumber. Timber Resource Inc. follows IFRS. Page 536 Required: 1. Prepare the journal entries to record the transactions during 203 as well as any entries needed to adjust year-end balances. 2. Show relevant balances in the SCI and SFP related to the above transactions