3 Colorado Mining paid $642,900 to acquire a mine with 775,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 406,875 tons of coal in Year 1 and 348,750 tons in Year 2 Rev. , Net Inc Cash Flow Calih 738,300 Assets Coal Ros NA Equity Com. stk Rat Earn 738,900 NA NA NA NA NA 1:34:10 Required: a. Compute the depletion charge per unit b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one c. Prepare the general journal entries to record the depletion expense for yeats 1 and 2 Complete the question by entering your answers in the tabs below. Required A Required Required Compute the depletion charge per unit. (Round your answer to two decimal place) Dion champett Required Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the preceding one. (In the Cash Fle column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, NC for Net Change and NA to indicate the element atfected by the event. Enter any decreases to account balonces with a minus sign.) She COLORADO MINING Statements Model Stockholders' Equity Revenue Expense Net Income Cash Flow Assets Coal Reserves Common Stock Retained Earnings NA 738,000+ 738.900 Depletion for you Depletion for Year 2 Journal entry worksheet