Requlred Information Problem 2-75 (LO 2-5) (Algo) [The following information applles to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $2,918,300. It estimated It would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross recelpts of $1.24 million, $13 million, and $11 million for years 1 through 3, respectlvely. During years 1-3, LCM reported net Income (loss) from the coal deposit actlvity in the amount of ( $11,400) ) $550,000, and $502,500, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: Note: Leave no answer blank. Enter zero if appllcable. Enter your answers In dollars and not In millions of dollars. Problem 2-75 Part a (Algo) a. What is LCM's cost depletion for years 1,2 , and 3 ? Problem 2-75 (LO 2-5) (Algo) [The following information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $2,918,300. It estimated It would extract 18,950 tons of coal from the deposit. LCM mIned the coal and sold It, reporting gross recelpts of $1.24 million, $13 million, and $11 million for years 1 through 3, respectlvely. During years 1-3, LCM reported net Income (loss) from the coal deposit activity in the amount of ( $11,400) ) $550,000, and $502,500, respectively. In years 13, LCM extracted 19,950 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. Problem 2-75 Part b (Algo) b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Required Information Problem 2-75 (LO 2-5) (Algo) [The following Information applies to the questions displayed below.] Last Chance Mine (LCM) purchased a coal deposit for $2,918,300. It estimated it would extract 18,950 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross recelpts of $1.24 million, $13 million, and $11 million for years 1 through 3, respectlvely. During years 13, LCM reported net Income (loss) from the coal deposit activity in the amount of (\$11,400), $550,000, and $502,500, respectively. In years 1-3, LCM extracted 19,950 tons of coal as follows: Note: Leave no answer blank. Enter zero if appllcable. Enter your answers In dollars and not In millions of dollars. roblem 2-75 Part c (Algo) Using the cost and percentage depletion computations from parts (a) and (b), what Is LCM's actual depletion expense for each year