c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCMs actual depletion expense for each year?

Required information [The following information applies to the questions displayed below. ] Last Chance Mine (LCM) purchased a coal deposit for $1,209,350. It estimated it would extract 18,050 tons of coal from the deposit. LCM mined the coal and sold It, reporting gross receipts of $1.37million, $7.65million, and $5.5million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($17,400 ), $585,000, and $405,000, respectively. In years 13, LCM extracted 19,050 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)