Newell Industries spent $300,000 on research and $600,000 on development of a new product. Of the $600,000 in development costs, $400,000 was incurred prior to technological feasibility and $200,000 after technological feasibility had been demonstrated. 

(a) Prepare the journal entry to record research and development costs under IFRS. 

(b) Prepare the journal entry to record research and development costs under GAAP.