Last Chance Mine (LCM) purchased a coal deposit for $2.720,000. It estimated it would extract 20,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $145 million, $6 million, and $4.6 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 ($14.000) $627500 and $445,000, respectively. In years 1-3, LCM actually extracted 21.000 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 20,000 (2) Basis $2,720,000 Depletion (2)/(1) Rate $136.00 Tons Extracted per Year Year 1 Year 2 Year 3 4,850 11,300 4,850 a. What is LCM's cost depletion for years 1, 2 and 3? Year Cost Depletion 1 2 3 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year Percentage Depletion 1 2 3 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year? Year Depletion Expense 1 2 3