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  3. colorado mining paid $528,000 to acquire a mine wi

Colorado Mining paid $528,000 to acquire a mine with 44,000 tons of coal reserves. The...

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Accounting

imageimage Colorado Mining paid $528,000 to acquire a mine with 44,000 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 23,100 tons of coal in year 1 and 19,800 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. Compute the depletion charge per ton. Record the acquisition of the coal reserves and the depletion expense for years 1 and 2 in a financial statements model. Note: In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Enter decreases to account balances and cash outflows with a minus sign. Not all cells require input. Round final answers to the nearest whole dollar amount

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