Required information [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 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 ($20,000), $500,000, and $450,000, respectively. In years 1-3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) Tons Extracted per Year (1) Tons of Coal 12,000 (2) Basis) $750,000 Depletion (2)/(1) Rate $ 62.50 Year 1 2,000 a. What is LCM's cost depletion for years 1, 2, and 3? Cost Depletion Year 1 Year 2 Year 3 Year 2 7,200 Year 3 3,800