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These costs are depleted based on consumed airspace. Landfill improvements include direct costs incurred to obtain a landfill permit and direct costs incurred to construct and develop the site. Landfills are stated at cost and are depleted based on consumed airspace. The estimated useful lives are twenty to forty years for buildings and improvements, three to fifteen years for trucks and equipment, and five to ten years for furniture and fixtures. Depreciation is provided over the estimated useful lives of the assets involved using the straight- line method. The Company revises the estimated useful lives of property and equipment acquired through business acquisitions to conform with its policies regarding property and equipment. When property is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the Consolidated Statements of Operations. Expenditures for major additions and improvements are capitalized, while maintenance and repairs are charged to expense as incurred. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - ( CONTINUED) PROPERTY AND EQUIPMENT Property and equipment are recorded at cost. 17.7 10.6 - $57.7 $37.6 = Inventories totaled approximately $20.3 million and $13.3 million at Decemand 1998, respectively, and consist primarily of equipment parts, compost materials and supplies that are valued under a method that approximates the lower of cost (first-in, first-out) or market. PREPAID EXPENSES AND OTHER CURRENT ASSETS. A summary of prepaid expenses and other current assets is as follows: DECEMBER 31, - 1999 1998 - Inventory.