Estimating Useful Life and Percent Used UpThe property and equipment footnote from the Deere & Company Equipment and Operations segment follows.Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions)(Years)20152014Land $114$120Buildings and building equipment232,7943,037Machinery and equipment114,8335,089Dies, patterns, tools, etc81,5671,552All other5875889Construction in progress 345530Total at cost 10,52811,217Less accumulated depreciation 5,8465,694Total $4,682$5,523*Weighted averages Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively.a. Compute the average useful life of Deere’s depreciable assets at year-end 2015.Round answer to one decimal place.Answer yearsb. Estimate the percent used up of Deere’s depreciable assets at year-end 2015.Round answer to one decimal place (ex: 0.2345 = 23.5%)Answer

Answered: Estimating Useful Life and Percent Used…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter1: Expressions And Functions

Section1.5: Descriptive Modeling And Accuracy

Problem 20PPS

See similar textbooks

Related questions

Question

Estimating Useful Life and Percent Used Up
The property and equipment footnote from the Deere & Company Equipment and Operations segment follows.
Property and Depreciation A summary of property and equipment at October 31 follows.

	Useful Lives*
Property and Equipment ($ millions)	(Years)	2015	2014
Land		$114	$120
Buildings and building equipment	23	2,794	3,037
Machinery and equipment	11	4,833	5,089
Dies, patterns, tools, etc	8	1,567	1,552
All other	5	875	889
Construction in progress		345	530
Total at cost		10,528	11,217
Less accumulated depreciation		5,846	5,694
Total		$4,682	$5,523
*Weighted averages

Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depreciation was $692 million, $696 million and $637 million, respectively.

a. Compute the average useful life of Deere’s depreciable assets at year-end 2015.

Round answer to one decimal place.
Answer

years

b. Estimate the percent used up of Deere’s depreciable assets at year-end 2015.

Round answer to one decimal place (ex: 0.2345 = 23.5%)
Answer

Expert Solution