The following have been recorded as intangible assets in the accounts of Omega Ltd: (a) Payment of $72,000 for the research and development of Product Alpha. It was ascertained that the company is only at its initial, exploratory stage with Product Alpha. Payment of $28,000 to develop its own Brand Omega. (b) Required: For each of the above transactions, explain the correct accounting treatment with reference to IAS 38 Intangible Assets, and prepare the necessary correcting journal entries, where applicable. (10 marks)