Hardwoods, Inc. purchased a tract of timber for a total cost of \($500,000\). The tract is estimated to contain 200,000 board feet of lumber once the timber is harvested. Hardwoods expects the land will be worth \($100,000\) once the timber is fully harvested. Hardwoods harvests 40,000 board feet of timber in the initial year and sells all but 5,000 board feet. Record separate journal entries for the purchase of the tract of timber and for the recording of depletion.