L05, 6 I6-42. Estimating Useful Life, Percent Used Up, and Gain or Loss on Disposal Husky Energy (HSE) Husky Energy is one of Canada's largest integrated energy companies. Based in Calgary, Alberta, Husky is publicly traded on the Toronto Stock Exchange. The Company operates in Western and Atlantic Canada, the United States and the Asia Pacific Region with upstream and downstream business segments. The company uses IFRS to prepare its financial statements. During 2018, the company reported depreciation expense of $2,591 million. The property and equipment footnote follows. Required a. Compute the average useful life of Husky Energy's depreciable assets in 2018. Assume that land is 10% of "Refining." b. Estimate the percent used up of Husky Energy's depreciable assets in 2018. How do we interpret this figure? 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 net book value of the total PPE disposed during the year. Assume that Husky Energy received $4 million cash proceeds for the year. Determine the gain or loss on the disposal