On November 1, 20X1, Upsilon Corporation acquired a patent for $100,000 cash. The patent has a useful life of 12 years. Calculate the amortization expense for the year 20X1 using the straight-line method.

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

• December 1: Paid $8,000 for patent maintenance fees.
• December 31: Exchanged a portion of the patent for consulting services with a fair value of $20,000. The portion exchanged had a carrying amount of $15,000.

Required:

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