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Problem - Last Chance Mine (LCM) purchased a coal deposit for $1,807,800. It estimated it would extract 13,100 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1.10 million, $11.5 million, and $6.6 million for years 1 through 3, respectively. During years 1-3, LCM reported net income (loss) from the coal deposit activity in the amount of ($16,200), $580,000, and $332,500, respectively. In years 1-3, LCM actually extracted 14,100 tons of coal as follows:
(1) Tons of Coal
(2) Basis
Depletion (2)/(1) Rate
Tons Extracted per Year
Year 1
Year 2
Year 3
13,100
$1,807,800
$138.00
2,600
7,900
3,600
Required - What is LCM's percentage depletion for each year (the applicable percentage for coal is 10 percent)?
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