On April 1, 20X1, Beta Corporation acquired a patent for $100,000 cash. The patent has a useful life of 10 years. Using the straight-line method, calculate the amortization expense for the year 20X1.

Additionally, Beta Corporation made the following transactions during 20X1:

• May 15: Paid $8,000 in legal fees related to the acquisition of the patent.
• August 1: Purchased additional patent rights for $20,000.
• October 1: Paid $5,000 for patent maintenance fees.

Required:

• Calculate the total amortization expense for the year 20X1 for the patent.
• Prepare the journal entries to record the patent-related transactions for Beta Corporation during the year 20X1.