Colorado Mining pald $600,000 to acquire a mine with 40,000 tons of coal reserves. The following statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 15,000 tons of coal in Year 1 and 18,000 tons In Year 2 Cash 800,000 Annet Coal Res. NA Rev. Equity com. Stk. + Ret. Earn 800,000 NA Exp. Net Inc. Cash Plow 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. Depletion charge per unit Required > Prev 1 of 1 !!! Next Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model like the prece column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, NC for Net Change and N affected by the event. Enter any decreases to account balances with a minus sign.) Expense Net Income Cash Flow Assets Coal Cash Reserves 800,000 - COLORADO MINING Statements Model Stockholders' Equity Revenue Common Retained Stock Earnings 800,000 - -1 NA Depletion for Year 1 1+1 Depletion for Year 2 View transaction list Journal entry worksheet