Last Chance Mine $($LCM$)$ purchased a coal deposit for $$750,000.$ It estimated it would extract $12,000$ tons of coal from the

deposit. LCM mined the coal and sold it$,$ reporting gross receipts of $$1$ million, $$3$ million, and $$2$ million for years $1$ through

$3,$ respectively. During years $1-3,$ LCM reported net income $($loss$)$ from the coal deposit activity in the amount of $($ $$20,000),$

$$500,000,$ and $$450,000,$ respectively. In years $1-3,$ LCM extracted $13,000$ tons of coal as follows:

Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.

Problem $10-75$ Part a $($Static$)$

What is LCM$\text{'}$s cost depletion for years $1,2,$ and $3?$

Answer is complete but not entirely correct.