On August 1, 20X1, Theta Corporation acquired a copyright for $150,000 cash. The copyright has a useful life of 5 years. Using the straight-line method, calculate the amortization expense for the year 20X1.

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

• September 15: Paid $12,000 for legal fees related to the acquisition of the copyright.
• November 1: Purchased additional copyrighted material for $30,000.

Required:

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