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 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($18,000), $607,500, and $467,500, respectively. In years 1-3, LCM actually 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.)

Depletion

(2)/(1) Tons extracted per year

(1) Tons Extracted (2) Basis Rate Year 1 Year 2 Year 3

$17,750 $1,597,500 $90.00 4,200 9,750 4,800

c.Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year?