Last Chance Mine (LCM) purchased a coal deposit for $1,223,950. It estimated it would extract 13,450 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.22 million, $8 million, and $6.5 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 ($12,200), $655,000, and $537,500, respectively. In years 1-3, LCM actually extracted 14,450 tons of coal as follows. (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) Depletion (1) (2) (2)/(1) Tons Extracted per Year Tons of Coal Basis Year 1 Year 2 13,450 $1,223,950 $91.00 2,250 7,700 Rate Year 3 4,500 .. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year Percentage Depletion 1 2 3