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please help answer yr 1, 2 + 3 Problem 10-75 (LO 10-5) (Algo) [The following information applies to the questions displayed below.] Last Chance Mine
please help answer yr 1, 2 + 3
Problem 10-75 (LO 10-5) (Algo) [The following information applies to the questions displayed below.] 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 milion, and $5.2 million for years 1 through 3, respectively. During years 13, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,400),$705,000, and $577,500, respectively. In years 13, LCM extracted 14,450 tons of coal as follows: Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in militions of dollars, Problem 10-75 Part b (Algo) b. What is LCM's percentage depletion for each year (the applicable plicentage for coal is 10 percent Step by Step Solution
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