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The log is shaping up as a bowl. Flat part is screwed onto the chuck. A small tenon is carved into the bottom for the chuck to hold onto when it is reversed for hollowing.
Finally, the bowl has been rough sanded and sealer is applied. This will close the pores and harden the wood so that further sanding will leave a smoother finish.
Tomorrow I'll post the final sanding and finishing. I have no idea whether this is of interest so keeping it brief.
@tdotrob I love turned bowls, they're so beautiful!