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.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.