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

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

• August 15: Epsilon Corporation incurred $8,000 in legal fees related to the acquisition of the trademark.
• October 1: Epsilon Corporation paid $3,000 for trademark registration fees.
• December 1: Epsilon Corporation purchased additional trademark rights for $20,000.

Furthermore, Epsilon Corporation provided the following information regarding its financial statements for the year 20X1:

• July 1: Trademark acquisition for $150,000
• August 15: Legal fees for $8,000
• October 1: Registration fees for $3,000
• December 1: Additional trademark rights purchase for $20,000

Required:

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