Last Chance Mine (LCM) purchased a coal deposit for $1,654,350. It estimated it would extract 13,450 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.35 million $6.25 million, and $5.2 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 ($16,400) $705,000, and $577,500, respectively. In years 1-3, LCM 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.) (1) Tons of Coal 13,450 (2) Basis $1,654,350 Depletion (2)/(1) Rate $123.00 Tons Extracted per Year Year 1 Year 2 Year 3 2,550 7,450 4,450 a. What is LCM's cost depletion for years 1, 2, and 3? Answer is complete but not entirely correct. Cost Depletion Year 1 $ 313,650 Year 2 $ 916,350 Year 3 547,350 $