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 $1,892,750. It estimated it would extract 16,750 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.30 million, $8.5 million, and $7 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 ($19,100), $720,000, and $585,000, respectively. In years 1-3, LCM extracted 17,750 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal 16,750 (2) Basis $1,892,750 Depletion (2)/(1) Rate $113.00 Tons Extracted per Year Year 1 Year 2 Year 3 3,200 9,950 4,600 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? Depletion Expense $ Year 1 Year 2 Year 3