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The following are recent excerpts from the financial statements of Sirius Satellite Radio Inc., a company delivering national satellite audio entertainment services:
Balance Sheet-Property, Equipment, and Intangible Assets
(in millions)
Terrestrial repeater network
72.0
Broadcast studio equipment
28.9
Furniture and fixtures
41.3
Other
69.9
Construction in progress
4.7
Property and equipment, gross
$1,162.3
Accumulated depreciation
(281.0)
Property and equipment, net
$ 881.3
FCC license
83.7
Total property, equipment, and intangible assets
$ 965.0
Depreciation Expense-Income Statement
$ 95.4
Satellite system
$ 945.5
a. Estimate the average useful lives of depreciable property and equipment, assuming straight-line depreciation and no residual value. Round to the nearest year.
b. Estimate the percent of remaining life of depreciable property and equipment, assuming straight-line depreciation and no residual value. Round to one decimal place.
c. Sirius reports no amortization expense associated with the FCC (Federal Communication Commission) license. Why is this?
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