Bridgeport Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest capitalization criteria under IFRS. Capitalizable interest owed under IFRS is $1,220. (a) Your answer is correct. Prepare the journal entry to record the $1,220 interest under 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 debit entry before credit entry.) Account Titles and Explanation Inventory Debit 1220 Credit Interest Payable eTextbook and Media List of Accounts 1220 Attempts: 1 of 3 used (b) Show the possible journal entry under ASPE if the Bridgeport Valey chooses to expense the interest. (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 debit entry before credit entry.) Account Titles and Explanation Debit Credit Show the possible journal entry under ASPE if the Bridgeport Valey chooses to capitalize the interest. (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 debit entry before credit entry.) Account Titles and Explanation Debit Credit