Question 1 On January 1, 20X2, The GenKota Winery purchased a new bottling system. The system has an expected life of 5 years. The system cost $325,000. Shipping, installation, and set up were an additional $35.000. At the end of the useful life, Julie Hayes, chief accountant for GenKota, expects to dispose of the bottling system for $26,000. She further anticipates total output of 668,000 bottles over the useful life. The output for 20x2 was 108,000 bottles, 130,000 (2003), 150,000 (20X4), 160,000 (20Xs), and 120,000 (20X6). i) Prepare depreciation schedules assuming use of the: (a) straight-line depreciation method (b) units-of-production depreciation method (c) sum-of-the-years digits depreciation method (d) double-declining balance depreciation method ii) Assuming use of the straight-line method, prepare revised depreciation calculations if the useful life estimate was revised at the beginning of 20X4, to anticipate a remaining useful life of 4 additional years in other words, a total life of 6 years). The revised useful life was accompanied by a change in estimated salvage value to $34,400