15 art 2 of 31 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 million, $5 million, and $43 million for years 11 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) Block P (1) Tone of Coal 10,950 $1,667,600 Depletion (2)/(3) Rate 88.00 Ton Year 1 4,000 Extracted per Year Year 2 9.150 Year 3 6,000 Problem 02-75 Part b (Algo) b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent? Percentage Depletion Year 1 Year 2 Year 3 Check my work