Required information (The following information applies to the questions displayed below) Last Chance Mine (LCM) purchased a coal deposit for $2,282,400. It estimated it would extract 15,850 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $121 million $5.1 million, and $4 3 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 ($16,500), $ 730,000, and $527500, respectively in years 1-3, LCM actually extracted 16,850 tons of coal as follows (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) Depletion (2) (2701) Tons Extracted per Year Tons of Coal Year 1 Year 15,850 $2,282,400 $144.00 4,150 7,300 5400 Basis Rate Year 2 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year Percentage Depletion 1 2 Required information [The following information applies to the questions displayed below) Last Chance Mine (LCM) purchased a cool deposit for $2,282,400 It estimated it would extract 15,850 tons of coal from the deposit LCM mined the coal and sold it, reporting gross receipts of $121 million $51 million and $4.3 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 ($16,500). $730000, and $527,500, respectively in years 1-3. LCM actually extracted 16,850 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) Depletion (2) (2)/(1) Tons Extracted per Year Tons of coat Basis Rate Year a year 2 years 15,850 $2,283,400 $144.00 4,750 7,300 5,400 c. Using the cost and percentage depletion computations from ports (a) and (bl what is LCM's actual depletion expense for each year? Year Depletion Expense 1 2 3