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What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Required information [The folio wing information applies to the

What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?

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Required information [The folio wing information applies to the questions displayed below. J Last Chance Mine (LCM) purchased a coal deposit for $1,807,800. It estimated it would extract 13,100 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.10 million, $11.5 million, and $6.6 million for years 1 through 3, respectively. During years 13, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,200), $580,000, and $332,500, respectively. In years 13, LCM actually extracted 14,100 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 Tons Extracted per (1) (2) (2)/(1) Year Tons of Coal Basis Rate Year 1 Year 2 Year 3 13,100 $1,807,800 $138.00 2,600 7,900 3,600 [ b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)

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