c. Mercury Bhd is involved in a project of developing an algal biofuel, a renewal natural energy for hybrid vehicles. It has allocated and spent RM2,500,000 per month for this research and development. On 1 November 2017, the research phase began for a period of 8 months and the development phase on the algal biofuel began immediately after the research phase. The development phase continued until the month of October 2019. In early February 2019, the project was viewed as successful and the directors of Mercury Bhd were confident with the positive outcome derived from the project. The commercialization of the product began in November 2019. The economic life of the development expenditure was 6 years and amortized based on yearly basis. On 1 November 2020, the fair value of the development expenditure was determined to be RM22,000,000. Mercury Bhd adopted the revaluation model for its intangible assets. Required: i. State TWO (2) situations under which an intangible asset is considered identifiable. (2 marks) ii. Explain the accounting treatment on the expenditure incurred in the years ended 31 October 2018 and 31 October 2019. (8 marks) iii. Assess the accounting treatment for the development expenditure as at 1 November 2020 (5 marks) (Total: 25 marks)