Under IFRS, firms can capitalize development expenditures. Philips Electronics capitalizes all its development expenditures every year. The company's development expenditures and total R&D expenditures during the period 2013-2020 were as follows (in millions): Year Development expenditures Total R&D expenditures 2013 2014 2015 2016 2017 2018 2019 2020 295 233 154 233 219 241 347 357 1,659 1,629 1,622 1,542 1,493 1,610 1,831 1,733 Assume all R&D expenditures incurred at the end of each year and all R&D assets have a useful life of 5 years. Ignore tax effect. (1) (15 points] What adjustments should an analyst make to Philips Electronics' 2020 income statement to immediately expense all development expenses and derecognize the development asset (Round your answer to 1 decimal place)? (2) (15 points] What adjustments should be made to the 2020 balance sheet to capitalize all R&D expenditures as assets (Round your answer to 1 decimal place)