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Colorado Mining paid $611,000 to acquire a mine with 47,000 tons of coal reserves. The financial statements model in Required B reflects Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted 24,675 tons of coal in year 1 and 21,150 tons in year 2 Required a. Compute the depletion charge per ton. b. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model, Complete this question by entering your answers in the tabs below. Required A Required B Compute the depletion charge per ton Deplotion charge perton perton Regul Required B > Required A Required B Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model. (In the Statement of Cash Flows column initials OA to designate operating activity, IA for investing activity, and FA for financing activity, Enter any decreases to account balances and cash outflows with sign. Not all cells require input. Round final answers to the nearest whole dollar amount.) Shov COLORADO MINING Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flows Liabilities Revenue Expenses Assets Coal Cash Reserves 707,100 Stockholders' Equity Common Retained Stock Earnings 707,100+ Net Income Depletion for Year 1 Deplotion for Year 2

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