On January 1, 20X1, Pi Corporation acquired a trademark for $120,000 cash. The trademark has a useful life of 10 years. Calculate the amortization expense for the year 20X1 using the straight-line method.

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

• March 1: Paid $10,000 for trademark maintenance fees.
• June 1: Exchanged a portion of the trademark for shares in another corporation with a fair value of $40,000. The portion exchanged had a carrying amount of $35,000.

Required:

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