Kabat Koal Company, Inc. purchased a new mining machine at a total cost of $1,440,000 on the first day of its fiscal year. The firm estimates that the machine has a useful life of six years or 9,200,000 tons of coal and a residual value of $150,000 at the end of its useful life. The following schedule indicates the actual number of tons of coal mined with the machine per year: (Click the icon to view the schedule.) (Click the icon to view the depreciation schedule.) Prepare the required footnote disclosure for Kabat Koal Company, Inc.'s property, plant, and equipment for years 1 and 2, including a statement of its accounting policy and a table with account balances. Begin by recording the statement of Kabat Koal Company, Inc.'s accounting policy. method over the life of the asset, estimated to be six years. Machinery is stated at cost and depreciated using the straight-line Now, prepare the table with account balances. Data Table December 31 Year 2 Year 1 Less: Reference Depreciation Schedule for Kabat Koal Company, Inc.'s Year Tons of Coal 1 640,000 Depreciation 2 1,430,000 Year Expense Original Cost End-of-Year Accumulated End-of-Year Net Book Value Depreciation (NBV) 3 1,620,000 1 $ 215,000 $ 4 1,010,000 1,440,000 $ 215,000 $ 1,225,000 2 5 215,000 1,440,000 430,000 1,010,000 780,000 3 215,000 1,440,000 645,000 795,000 6 3,720,000 4 215,000 1,440,000 860,000 580,000 5 215,000 1,440,000 1,075,000 365,000 215,000 6 1,440,000 1,290,000 150,000 $ 1,290,000 Total Print Done Choose from any list or enter any number in the input fields and t