Ayayai Inc., a private company that applies ASPE, incurred $$14,000$ in materials and $$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 $$44,000$ was spent for materials, $$13,500$ for direct labour costs, $$1,500$ for borrowing costs, and $$65,000$ 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 O for the amounts. List all debit entries before credit entries.$)$Prepare the journal entry if Ayayai were a public company following IFRS. $($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 O for the amounts. List all debit entries before credit entries.$)$