Colorado Mining paid $568,400 to acquire a mine with 781,000 tons of coal reserves. The horizontal statements model reflects Colorado Minings financial condition just prior to purchasing the coal reserves. The company extracted 410,025 tons of coal in Year 1 and 351,450 tons in Year 2.

Required a. 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.

Compute the depletion charge per unit. (Round you with a minus sign.) Prepare the general journal entries to record the depletion expense for years 1 and 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round depletion charge per unit to two decimal places. Round youl answers to the nearest whole dollar.) Journal entry worksheet Record depletion expense. Note: Enter debits before credits. Compute the depletion charge per unit. (Round you with a minus sign.) Prepare the general journal entries to record the depletion expense for years 1 and 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round depletion charge per unit to two decimal places. Round youl answers to the nearest whole dollar.) Journal entry worksheet Record depletion expense. Note: Enter debits before credits