Infoworld plc spent 100,000 on research and development of a new software product during the year ended 31 December 20X1. The breakdown of the expenditure is as follows: 30,000 was spent on research activities between 1 January and 30 April. 20,000 was spent on development activities between 1 May and 30 June. 50,000 was spent on development activities between 1 July and 30 September. At 30 June 20X1 Infoworld was certain that the development of the new software product would be completed within a few months, that the product was commercially viable and that it would be profitable. Infoworld started selling the new product on 1 October 20X1. Infoworld estimated the useful life of the product to be two years and its residual value to be zero. In order to boost the sales of its new software product, Infoworld purchased a list of customer names for 12,000 on 30 June 20X1. At the time of purchase, the lists useful life was estimated to be three years. a) Compute the amount of intangible assets to be reported on Infoworld plcs statement of financial position at 31 December 20X1. Show all workings. b) Compute any expenses to be reported on Infoworld plcs P&L for the year ending 31 December 20X1 in relation to its new software product. Show all workings. c) Explain briefly (maximum 140 words) the key IFRS rules that you applied in your answers to a) and b) above.