The property and equipment section of the Abboft Laboratories 2007 balance sheet follows.

The company also provides the following disclosure relating to the useful lives of its depreciable assets.
Property and Equipment—Depreciation and amortization are provided on a straight-line basis over the estimated useful lives of the assets. The following table shows estimated useful lives of property and equipment.

During 2007 , the company reported \(\$ 1,072,855\) ( \(\$ 000\) s) for depreciation expense.
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a. Compute the estimated useful life of Abbott Laboratories' depreciable assets. How does this compare with its useful lives footnote disclosure above?

b. Compute the estimated percent used up of Abbott Laboratories' depreciable assets. How do you interpret this figure?

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Property and equipment, at cost ($ thousands) Land.. Buildings.. Equipment. Construction in progress Less: accumulated depreciation and amortization Net property and equipment 494,021 3,589,050 10,393,402 1,121,328 15,597,801 8,079,652 $ 7,518,149