Estimating Useful Life, Percent Used Up, and Gain or loss on Disposal Husky Energy is one of Canadas largest integrated energy companies. Based in Calgary, Alberta. Husky is publicly traded on the Toronto stock bichange. The Company operates in Western and Atlantic Canada, the United States and the Asia Pacific Region with upstream and downstream business segments. The comanyoses to prepare its financial statements. During 2018, the company reported depreciation expense of $2.59 million. The property and epipment footnote follow Oil and Processing Retail Transportation and Properties and Storage Upgrading Refining Other Gas Total 12 550 2. 64 79 7016B 53. STRO 62 TAG 151 3 79 IS - 121 15) 35 16431 3 1,139 $3.43 $13.4151577.729 2 10 1632 362 $56.741 1 $127 Property. Plant and Equipment in CS millions) Cost Dec 31, 2017 Additions Acquisitions Transfers from exploration and evaluation Intersegment transfers Changes in a ser retirement obligations Disposals and derecognition Exchange adjustments Dec 31, 2018 Accumulated depletion, depreciation, amortization, and impairment Dec 31, 2017 Depletion depreciation amortization and impairment Disposals and derecognition Exchange adjustments Dec 31, 2018 Net book value Dec 31, 2017 Dec 31, 2018 47 5126.016) (1,811) 566 1136) $27379) 1.462) 3.176) SI 82 532.543) 1123) (502) 11523 (2.591 10 596 (254) SUSAS 5393335/1995) 5034907 el 150 365 27 51912 1854 58.77251967 541055 9515 1.370 242,787 29,352 787 0 Required Compute the average useful life of Husky Energy's depreciable assets in 2018. Assume that land is 10% of Refining Note: Round your answer to one decimal place for example, enter 6.8 for 6.77555) years 0 b. Estimate the percent used up of Husky Energys depreciable assets in 2018, Note: Round percentage to one decimal place (for example, enter 6.75 for 6.65554). 0 c. Consider the disposals and derecognition during the year. This refers to assets that were sold and removed from the balance sheet during 2018. Calculate the netbook value of the total PPE disposed during the year. Assume that Husky Energy received $5 million cash proceeds for the year. Determine the gain or loss on the diaporam Note: Do not use any negative signs with your answers $0 Loss Check Nee Estimating Useful Life, Percent Used Up, and Gain or loss on Disposal Husky Energy is one of Canadas largest integrated energy companies. Based in Calgary, Alberta. Husky is publicly traded on the Toronto stock bichange. The Company operates in Western and Atlantic Canada, the United States and the Asia Pacific Region with upstream and downstream business segments. The comanyoses to prepare its financial statements. During 2018, the company reported depreciation expense of $2.59 million. The property and epipment footnote follow Oil and Processing Retail Transportation and Properties and Storage Upgrading Refining Other Gas Total 12 550 2. 64 79 7016B 53. STRO 62 TAG 151 3 79 IS - 121 15) 35 16431 3 1,139 $3.43 $13.4151577.729 2 10 1632 362 $56.741 1 $127 Property. Plant and Equipment in CS millions) Cost Dec 31, 2017 Additions Acquisitions Transfers from exploration and evaluation Intersegment transfers Changes in a ser retirement obligations Disposals and derecognition Exchange adjustments Dec 31, 2018 Accumulated depletion, depreciation, amortization, and impairment Dec 31, 2017 Depletion depreciation amortization and impairment Disposals and derecognition Exchange adjustments Dec 31, 2018 Net book value Dec 31, 2017 Dec 31, 2018 47 5126.016) (1,811) 566 1136) $27379) 1.462) 3.176) SI 82 532.543) 1123) (502) 11523 (2.591 10 596 (254) SUSAS 5393335/1995) 5034907 el 150 365 27 51912 1854 58.77251967 541055 9515 1.370 242,787 29,352 787 0 Required Compute the average useful life of Husky Energy's depreciable assets in 2018. Assume that land is 10% of Refining Note: Round your answer to one decimal place for example, enter 6.8 for 6.77555) years 0 b. Estimate the percent used up of Husky Energys depreciable assets in 2018, Note: Round percentage to one decimal place (for example, enter 6.75 for 6.65554). 0 c. Consider the disposals and derecognition during the year. This refers to assets that were sold and removed from the balance sheet during 2018. Calculate the netbook value of the total PPE disposed during the year. Assume that Husky Energy received $5 million cash proceeds for the year. Determine the gain or loss on the diaporam Note: Do not use any negative signs with your answers $0 Loss Check Nee
