14 1of3 Required information Problem 02-75 (LO 02-5) (Algo) [The following information applies to the questions displayed below] Last Chance Mine (LCM) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.32 milion, $5 million, and $41 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($17,500), $702.500, and $695,000, respectively. In years 1-3, LCM extracted 19.950 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) allock Pr (1) Tons of 18,950 (2) Basis $1,667,600 Depletion (2)/(3) Rate 588.00 Tear 1 4.800 Tone Extracted per Year Year 2 9,250 Year 3 4.000 Problem 02-75 Part a (Algo) a. What is LCM's cost depletion for years 1, 2, and 3? Cost Deplation Year 1 Year 2 Year 3 Save & Submit Check my work