On October 1, 20X1, Upsilon Corporation acquired a trademark for $250,000 cash. The trademark has a useful life of 10 years. Using the straight-line method, calculate the amortization expense for the year 20X1.

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

• November 15: Paid $15,000 for legal fees related to the acquisition of the trademark.
• December 1: Purchased additional trademark rights for $50,000.

Required:

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