At the beginning of the year, Big Time Tires acquired a patent for $$740,000,$ and a trademark for $$340,000.$ Big Time Tire's policy is to amortize intangible assets with finite useful lives using the straight$-$line method, no residual value, and a five$-$year service life.

What is the total amount of amortization expense that would be reported in Big Time Tires' income statement for the first year related to these items?