Colorado Mining paid $571,600 to acquire a mine with 809,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 424,725 tons of coal in Year 1 and 364,050 tonsin Year 2. Assets Equity Rev. - Exp. = Net Inc. Cash Flow Cash 718,700 Coal Res. NA Com. Stk. 718,700 Ret. Earn. NA + NA - NA NA NA 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. 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.) Depletion charge per unit Required A Required B Required C 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. (In the Cash Flow column, use the initials oa to designate operating activity, IA for investing activity, FA for financing activity, NC for Net Change and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.) Show less COLORADO MINING Statements Model Stockholders' Equity Revenue Assets Expense Net Income Cash Flow Cash Coal Reserves Common Stock Retained Earnings 718,700 + 718,700 + NA Depletion for Year 1 + Depletion for Year 2 Required A Required B Required C 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 your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 > Record depletion expense. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Journal entry worksheet