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Required information [ The following information applies to the questions displayed below. ] Last Chance Mine ( LCM ) purchased a coal deposit for $

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Required information
[The following information applies to the questions displayed below.]
Last Chance Mine (LCM) purchased a coal deposit for $1,597,500. It estimated it would extract 17,750 tons of coal from the
deposit. LCM mined the coal and sold it, reporting gross receipts of $1.27 million, $7.3 million, and $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
($18,000),$607,500, and $467,500, respectively. In years 1-3, LCM extracted 18,750 tons of coal as follows:
Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.
c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for each year?
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