Exercise 8-19A (Algo) Computing and recording depletion expense LO 8-9 Colorado Mining paid $617,000 to acquire a mine with 808,000 tons of coal reserves. The horizontal statements model reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 424,200 tons of coal in Year 1 and 363,600 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 w Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the depletion charge per unit. (Round your answer to two decimal places) Depletion charge per una S 0.73 Required B> aded) Maps Saved tion.com%252F#/activity/q a Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Kequired A Required Kequired C Help Save Retur Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cash our with a minus sign.) Show Cash Assets Balance Sheet Coal Reserves Liabilites 797.800 (013.100) 013.100- Depletion for Year 11 (320.307) Depletion for Year 2 (274.020) here to search COLORADO MINING Horizontal Statements Model Income Statement Stockholders' Equity Commen Stock Retained Earnings Revenue Expenses Net Income Statement of Cash Flows + 797300 + (564,000) O 1203070 2203 320.397) 1 274.020 274020 Required A Req> equired . Compute the depletion charge per unit. . Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 In a financial statements mw preceding one. Prepare the general journal entries to record the depletion expense for years 1 and 2 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the general journal entries to record the depletion expense for years 1 and 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round depletion charge per unit to two decimal places. Round your final answers to the nearest whole dollar.) No 1 Date Year 1 General Journal) Depletion expense Coal reserves 2 Year 2 Depletion expense Coal reserves < Required B Debit Credit 320,397X 320,397 274,628 274,626 www Proy 20 of 20 Next