Estimate the fraction of fixed assets PBG depreciated in 2000. In other words, compute depreciation expense as a percent of the average gross book value of depreciable fixed assets. What would this fraction have been if PBG had not changed their depreciation policy? Reported Adjusted Depreciation Expense 340 409 + Avg. Gross Book Value* 4,784 4,784 Rate of Depreciation 7.11% 8.55% * Excludes Land which is not a depreciable asset