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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) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 2015 2014 $114 $120 3,238 3,037 5,277 5,089 1,567 1,552 875 889 345 530 11,416 11,217 5,846 5,694 $5,570 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depr $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. 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%)

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) Land Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 2015 2014 $114 $120 3,238 3,037 5,277 5,089 1,567 1,552 875 889 345 530 11,416 11,217 5,846 5,694 $5,570 $5,523 Total property and equipment additions in 2015, 2014 and 2013 were $666 million, $1,016 million and $1,158 million, and depr $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. 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%)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 3,238 3,037 5,277 5,089 1,567 1,552 875 889 345 530 11,416 11,217 5,846 5,694 $5,570 $5,523 Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 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 $637 million, respectively. a. Compute the average useful life of Deere's depreciable assets at year-end 2015. Round answer to one decimal place. years b. Estimate the percent used up of Deere's depreciable assets at year-end 2015. Round answer to one decimal place (ex: 0.2345 = 23.5%) %
Transcribed Image Text:Estimating Useful Life and Percent Used Up The property and equipment footnote from the Deere & Company Equipment and Operations segment follows. Property and Depreciation A summary of property and equipment at October 31 follows. Useful Lives* Property and Equipment ($ millions) (Years) 2015 2014 Land $114 $120 3,238 3,037 5,277 5,089 1,567 1,552 875 889 345 530 11,416 11,217 5,846 5,694 $5,570 $5,523 Buildings and building equipment Machinery and equipment Dies, patterns, tools, etc All other Construction in progress Total at cost Less accumulated depreciation Total *Weighted averages 23 11 8 5 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. 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%) %
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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