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Last Chance Mine (LCM) purchased a coal deposit for $1,597,500. It estimated it would extract 17,750 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.27 million, $7.3 million, and $6 million for years 1 through 3, respectively. During years 13, LCM reported net income (loss) from the coal deposit activity in the amount of ($18,000), $607,500, and $467,500, respectively. In years 13, LCM extracted 18,750 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal 17,750 (2) Basis $1,597,500 Depletion (2)/(1) Rate $90.00 Tons Extracted per Year Year 1 Year 2 Year 3 4,200 9,750 4,800 a. What is LCM's cost depletion for years 1, 2, and 3? Cost Depletion Year 1 Year 2 Year 3 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage Depletion $ Year 1 0 Year 2 Year 3 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Depletion Expense Year 1 Year 2 Year 3