Colorado Mining paid $551700 to acquire a mine with 774.000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 406,350 tons of coal in Year 1 and 348,300 tons in Year 2 Assets Rev. Exp. Net Inc. Coal Res. Cash 724,500 Cash Flow Equity Ret. Earn NA Com. stk. 724,500 NA + NA NA NA NA Required: o. 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 years 1 and 2 Complete this question by entering your answers in the tabs below. Required A Required B Required c Compute the depletion charge per unit. (Round your answer to two decimal places.) Deplation charge per unit COLORADO MINING Statements Model Stockholders' Equity Revenue Assets Expense Net Income Cash Flow Cash Coal Reserves Common Stock Retained Earnings 724,500 + 724,500 + NA + Depletion for Year 1 Depletion for Year 2 Saved Journal entry worksheet