Pronghorn, Inc., a private company that applies ASPE, incurred $15,100 in materials and $11,400 in direct labour costs between January and March 2020 to develop a new product. In May 2020, the criteria required to capitalize development costs were met. A further $54,100 was spent for materials, $14,900 for direct labour costs, $2,600 for borrowing costs, and $71,800 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 Ofor the amounts.) Account Titles and Explanation Debit Credit (Pronghorn chooses to expense all costs.) TIME TOO (Pronghorn chooses to capitalize all costs.) Prepare the journal entry if Pronghorn 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 Ofor the amounts.) Account Titles and Explanation Debit Credit