Exercise $8-19$A $($Algo$)$ Computing and recording depletion expense LO $8-9$

Colorado Mining paid $$555,800$ to acquire a mine with $784,000$ tons of coal reserves. The horizontal statements model reflects

Colorado Mining's financial condition just prior to purchasing the coal reserves. The company extracted $411,600$ tons of coal in Year $1$

and $352,800$ tons in Year $2.$

Required

a$.$ Compute the depletion charge per unit.

b$.$ Record the acquisition of the coal reserves and the depletion expense for years $1$ and $2$ in a financial statements model like the

preceding one.

c$.$ Prepare the general journal entries to record the depletion expense for years $1$ and $2.$

Complete this question by entering your answers in the tabs below.

Required $A$

Required C

Compute the depletion charge per unit. $($Round your answer to two decimal places.$)$

Depletion charge per unit