Colorado Mining paid $588,000 to acquire a mine with 42,000 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 22,050 tons of coal in year 1 and 18,900 tons in year 2. Required a. Compute the depletion charge pen ton b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model. Complete this question by entering your answers in the tabs below, es Required A Required B Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model. (In the Statement of Cash Initials OA to designate operating activity, IA for investing activity, and FA for financing activity, Enter any decreases to account balances and cash sign. Not all cells require input. Round final answers to the nearest whole dollar amount) COLORADO MINING Horizontal Statements Model Balance Sheet Income Statement Assets Stockholders' Equity Net Coal Liabilities Common Retained Revenue - Expenses Income Cash Reserves Stock Earnings 696,700 600,700 (588,000) 588 000 Statement of Cash Flows Die ::: COLORADO MINING Horizontal Statements Model Balance Sheet Income Statement Liabilities + Statement of Cash Flows Revenue Stockholders' Equity Common Retained Stock Earnings 696,700 Net Income Expenses Assets Coal Cash + Reserves 696 700 - (588,000) 588,000 Depletion for Year 1 Depletion for Year 2