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Estimating Useful Life and Percent Used Up (LO3) The property and equipment section of the Abbott Laboratories 2012 balance sheet follows P6-42. abbotl laboratorles (ABT) December 31 2011 604,462 633,917 $648,988 2012 2010 Property and equipment, at cost ($ thousands) Land Buildings Equipment Construction in progress 4,259,240 4,467,387 4,334,236 ...13,110,833 12,216,388 11,813,618 577,460 954,352 698,873 18,928,887 18,016,565 17,374,302 Less: accumulated depreciation and amortization Net property and equipment 10,865,840 10,142,610 9,403,346 $ 8,063,047 $ 7,873,955 $7,970,956 O2015 Cambriage Basiness Publishers For the Persanl ve Cesar Riv alem O2015 Cambriage Basiness Publishers For the Persanl ve Cesar Riv alem 5 Module 6 Asset Recognition and Operating Assets 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: Classification Estimated Useful Lives Buildings Equipment 10 to 50 years (average 27 years) 3 to 20 years (average 11 years)