Colorado Mining paid $633,600 to acquire a mine with 811,000 tons of coal reserves. The horizontal statements model reflects Colorado Minings financial condition just prior to purchasing the coal reserves. The company extracted 425,775 tons of coal in Year 1 and 364,950 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.