On April 1, 20X1, Chi Corporation acquired a patent for $80,000 cash. The patent has a useful life of 10 years. Calculate the amortization expense for the year 20X1 using the straight-line method.

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

• June 1: Sold a portion of the patent for $30,000 cash. The portion sold had a carrying amount of $25,000.
• August 1: Exchanged a portion of the patent for services with a fair value of $15,000. The portion exchanged had a carrying amount of $20,000.

Required:

• Calculate the total amortization expense for the year 20X1.
• Prepare journal entries for the patent-related transactions.