Required information 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 $1,209,350. It estimated it would extract 18,050 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.37 million, $765 million, and $5.5 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 ($17,400), $585,000, and $405,000, respectively. In years 1-3, LCM extracted 19,050 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 18.050 (2) Baris $1,209, 350 Depletion (2)/(1) Rate: $67.00 Year 1 3.750 Tons Extracted per Year Year 2 11.050 Year 3 4.250 Problem 10-75 Part a (Algo) a. What is LCM's cost depletion for years 1, 2, and 3? Cost Depletion Year 1 Year 2 Year 3 13 t nces Required information 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 $1,209,350. It estimated it would extract 18,050 tons of coal from the deposit LCM mined the coal and sold it, reporting gross receipts of $1.37 million, $7.65 million, and $5.5 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 ($17,400), $585,000, and $405,000, respectively. In years 1-3, LCM extracted 19,050 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 Conl 18,050 (2) Basis $1,209,350 Depletion (2)/(1) Rate $67.00 Year 1 3. 750 Tons Extracted per Year Year 2 11.050 Year 3 4.250 Problem 10-75 Part b (Algo) b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year 11 Percentage Depletion Year 2 Year 3 Required information 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 $1,209,350. It estimated it would extract 18,050 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.37 million, $765 million, and $5.5 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 ($17,400). $585,000, and $405,000, respectively. In years 1-3, LCM extracted 19,050 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollers and not in millions of dollars.) (1) Tons of Coal 10.050 (2) Paris $1,209,350 Depletion (2)/(1) Rate 167.00 Year 1 Tone Extracted per Year Year 2 Test 3 3.750 11.050 4,250 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? Year 1 Year 2 Year 3 Depletion Expense