Colorado Mining paid $$644,000$ to acquire a mine with $46,000$ tons of coal reserves. The financial statements model shown on the last tab reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted $24,150$ tons of coal in year $1$ and $20,700$ tons in year $2.$

Required

a$.$ Compute the depletion charge per unit.

b$-1.$ Compute the depletion expense for years $1$ and $2.$

b$-2.$ Record the acquisition of the coal reserves and the depletion expense for years $1$ and $2$ in a financial statements model.

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