After seeing how profitable gym machines can be, Buff Peeps Inc decides to partner with its supplier to create the next generation gym machines. Buff Peeps Inc incurred $50,000 research costs relating to early-stage prototypes before spending another $150,000 on developing the final product called MusclePeeps. The final product has shown to be successful with several customers already signing up for preorders. Provide the journal entries to record the above transactions.