Question 1 Blue Spruce, Inc., a private company that applies ASPE, incurred $15,000 in materials and $13,000 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 $48,000 was spent for materials, $16,500 for direct labour costs, $2,200 for borrowing costs, and $67,000 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.) Account Titles and Explanation Debit Credit (Blue Spruce chooses to expense all costs.) (Blue Spruce chooses to capitalize all costs.) Prepare the journal entry if Blue Spruce 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 tities and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO VIDEO