Colorado Mining paid $600,000 to acquire a mine with 50,000 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 26,250 tons of coal in year 1 and 22,500 tons in year 2. Required a. Compute the depletion charge per unit b-1. Compute the depletion expense for years 1 and 2 In a financial statements b-2. 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. Reg A Req B1 Reg B2 Compute the depletion charge per unit Deplotion charge or unit perton Heq 1 > Complete this question by entering you Req A Roq B1 Req B2 Compute the depletion expense for years 1 ar Depletion Expense Year 1 Year 2 COLORADO MINING Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flows Liabilities Stockholders' Equity Common Retained Stock Earnings Revonuo Expensos Net Income Assets Coal Cash Rosorves Acquisition of coal reserves 764,900 + 764,900 + + Depletion for Year 1 1 Depletion for Year 2 Reg 31