1.Cullumber Corporation purchased a limited-life intangible asset for $417000 on May 1, 2019. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2021?

$83400

$ 0

$111200

$125100

2.A machine cost $1320000, has annual depreciation of $220000, and has accumulated depreciation of $1045000 on December 31, 2020. On April 1, 2021, when the machine has a fair value of $302500, it is exchanged for a machine with a fair value of $1485000 and the proper amount of cash is paid. The exchange had commercial substance. The gain to be recorded on the exchange is

$165000

$0

$82500

$55000