(b) We have spent E$950,000 on the new automated digital production line. The supplier has informed us that the production line will have useful life of 20 years, although I know that Gavin is sceptical of this and believes that it will need to be replaced in 15 years. My view is that we should depreciate over 20 years because this will spread the cost of the new line over more years.

Please could you explain to me how many years we should depreciate this asset over and if we choose to depreciate over 15 years, could we in the future change its useful life to 20 years if we discovered that the supplier's assessment was accurate? I'd also like to know how any change in useful life would be dealt with in the financial statements."

*Please help me please provide answer step by step & calculation (Up to 100 words explanation)* [26 marks]