Colorado Mining paid $$585,000$ to acquire a mine with $45,000$ tons of coal reserves. The financial statements model in Required B reflects Colorado Mining$$s financial condition just prior to purchasing the coal reserves. The company extracted $23,625$ tons of coal in year $1$ and $20,250$ tons in year $2.$

Required:

Compute the depletion charge per ton.

Record the acquisition of the coal reserves and the depletion expense for years $1$ and $2$ in a financial statements model.