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can you help with year 3 Required information (The following...

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Accounting

can you help with year 3
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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.) (1) Tons of Coal 12,000 (2) Basis $ 750,000 Depletion (2)/(1) Rate $ 62.50 Tons Extracted per Year Year 1 Year 2 Year 3 2,000 7,200 3,800 b. What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Year 1 Percentage Depletion $ 0 $ 250,000 $ 225,000 Year 2 Year 3

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