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Last Chance Mine (LC) purchased a coal deposit for $780,000. It estimated it would extract...

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Accounting

Last Chance Mine (LC) purchased a coal deposit for $780,000. It estimated it would extract 12,000 tons of coal from the deposit. LC mined the coal and sold it reporting gross receipts of $1 million for year 1. During year 1, LC reported net income from the coal deposit activity in the amount of $30,000. In year 1, LC actually extracted 3,000 tons of coal. What is Last Chances cost depletion for years 1?

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