a. The Normative Structure for Reporting emphasise the importance of transactions that should be reported on the basis of their economic substance and their legal form. Explain the advantage of "substance over form" and how the financial statements would indicate that the substance of the underlying transaction varies from the legal form. b. Explain the conceptual issues involved in the cost of product development and the definition of an asset that can be used to determine whether development expenditure should be treated as an expense or an asset. c. The conceptual framework indicates that there are two concepts of capital. Clarify the two concepts in question. d. Alpha limited commenced business on 1January 2022 with a single item of inventory costing 120,000. During the year it sold the item for 180,000 in cash. Total inflation was 10% but the item specific inflation was 12%. Calculate the profit on the basis of each concept of capital maintenance and demonstrate the impact on the Equity of the Company