Last Chance Mine (LCM) purchased a coal deposit for $2,465,000. It estimated it would extract 17,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.43 million, $5.45 million, and $3.5 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 ($17,800),$625,000, and $560,000, respectively. In years 13. LCM extracted 18,000 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 b (Algo) b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Last Chance Mine (LCM) purchased a coal deposit for $2,465,000. It estimated it would extract 17,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.43million,$5.45million, and $3.5million for years 1 through 3, respectively. During years 1-3. LCM reported net income (loss) from the coal deposit activity in the amount of ($17,800),$625,000, and $560,000, respectively. In years 1-3, LCM extracted 18,000 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 c (Algo) c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year