Week 4 Seminar. Intangible assets and Impairments. Question ONE JV plc is a major computer manufacturer. The company has incurred the following expenses during the year ended 31 December 2020. a) 150,000 paid to birmingham University to sponsor a research project which will investigate the properties of a new material that may have some uses in manufacturing high capacity computer disks. b) 9.6m on the design of a new computer screen which provides a large clearer display than existing monitor and at a lower selling price. The screen is to be launched at a major technological fair in the spring of the following year and will be sold to the public immediately after. c) 800,000 on market research into the desirability of the new computer screen to end user. Required: Classify each of the above projects as research or as development as defined by IAS 38 and explain how it should be accounted for