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Last Chance Mine (LCM) purchased a coal deposit for $2,282,400. It estimated it would extract...

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Accounting

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Last Chance Mine (LCM) purchased a coal deposit for $2,282,400. It estimated it would extract 15,850 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.21 million, $5.1 million, and $4.3 million for years 1 through 3 , respectively. During years 13, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,500),$730,000, and $527,500, respectively, In years 13, LCM extracted 16,850 tons of coal as follows: Note: Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM's actual depletion expense for ach year

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