Required information The following information applies to the questions displayed below] Last Chance Mine (LC)...
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Required information The following information applies to the questions displayed below] Last Chance Mine (LC) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LC mined the coal and sold it, reporting gross receipts of $1.32 million, $5 million, and $4.1 million for years 1 through 3, respectively. During years 1-3, LC reported net income (loss) from the coal deposit activity in the amount of ($17,500), $702,500, and $695,000, respectively. In years 1-3, LC actually extracted 19,950 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 (2)/(1) Tons Extracted per Year Year 1 Year 2 Year 3 18,950 $1,667,600 $88.00 4,8009,150 6,000 Tons of Coal Basis Rate a. What is Last Chance's cost depletion for years 1, 2, and 3? Year Cost Depletion 2
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