On October 1, 20X1, Iota Corporation acquired a copyright for $60,000 cash. The copyright has a useful life of 5 years. Calculate the amortization expense for the year 20X1 using the straight-line method.

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

• December 1: Paid $3,000 for copyright registration fees.

Required:

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