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Colorado Mining paid $ 5 8 5 , 0 0 0 to acquire a mine with 4 5 , 0 0 0 tons of coal

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 Minings 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.Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model.
Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Enter any
decreases to account balances and cash outflows with a minus sign. Not all cells require input. Round final answers to the nearest whole dollar amount.
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