Saved Help Save & Exit Sub 42 Check my world 0 art 1 of 3 Required information (The following information applies to the questions displayed below.) Last Chance Mine (LCM) purchased a coal deposit for $2,088,450. It estimated it would extract 17,550 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.15 million, $4.35 million, and $3.1 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 ($15,400). $667,500, and $662,500, respectively, in years 1- 3, LCM actually extracted 18,550 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) 27 Ints eBook (1) Tons of Coat 17,550 Depletion (2) (2)/(1) Basis Rate $2,088,450 $119.00 Tons Extracted per Year Year 1 Year 2 Year 3 2,400 11,450 4,700 Print References a. What is LCM's cost depletion for years 1, 2, and 3? Year Cost Depletion 1 2