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Current Attempt in Progress Sarasota Inc., a private company that applies ASPE, incurred $15,200...

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Accounting

Current Attempt in Progress
Sarasota Inc., a private company that applies ASPE, incurred $15,200 in materials and $11,000 in direct labour costs between January and March 2023 to develop a new product. In May 2023, the criteria required to capitalize development costs were met. A further $51,200 was spent for materials, $13,900 for direct labour costs, $3,300 for borrowing costs, and $74,200 for directly related legal fees.
Prepare the appropriate journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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