A tray with an upstanding billboard or panel that displays a three-dimensional image is provided by a carton assembly comprising sheet material having fold lines defining parts that are movable to assembled positions presenting a tray for receiving food, beverage or other items of interest to the user, and a display panel having an image printed thereon by a three-dimensional process. The display panel is part of a panel structure that provides a carrier for a viewer that may be removed from the panel structure by the user in order to see and enjoy the three-dimensional image.