QUESTIONS Last Chance Mine (LC) purchased a coal deposit for $780.000. It estimated it! would extract 12.000 tons of coal from the deposit. LC mined the coal and sold it reporting gross receipts of $1 million for year 1. During year 1, LC reported net income from the coal deposit activity in the amount of $30,000. In year 1. LC actually extracted 2,000 tons of coal. What is Last Chance's cost depletion for years 1