The property and equipment footnote from the Deere \(\&\) Company balance sheet follows.

a. Compute the estimated useful life of Deere's depreciable assets at year-end 2007. (Hint: Exclude land and construction in progress.) How does this estimate compare with the useful lives reported in Decre's footnote disclosure?

b. Estimate the percent used up of Deere's depreciable assets at year-end 2007. How do you interpret this figure?

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Property and Depreciation A summary of property and equipment at October 31 follows: Equipment Operations ($ millions) Land..... Buildings and building equipment Machinery and equipment. Dies, patterns, tools, etc.. All other Construction in progress Total at cost Less accumulated depreciation. Total Average Useful Lives (Years) 2007 2006 $ 83 $ 83 25 10 3075 1,795 1,592 3,355 3,088 920 931 594 591 245 231 6,992 6,516 4,271 4,102 $2,721 $2.414 Total property and equipment additions in 2007, 2006 and 2005 for continuing operations were $1,064 million, $781 million and $523 million, and depreciation was $402 million, $379 million and $354 million, respectively.