Required information Comprehensive Problem 10-78 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below] Diamond Mountain was originally thought to be one of the few places in North America to contain diamonds, so Diamond Mountain Inc. (DM) purchased the land for $1,000,000. Later, DM discovered that the only diamonds on the mountain had been planted there and the land was worthless for mining. DM engineers discovered a new survey technology and discovered a silver deposit estimated at 5,000 pounds on Diamond Mountain. DM immediately bought new drilling equipment and began mining the silver In years 1-3 following the opening of the mine, DM had net (gross) income of $200,000 ($700,000), $400,000 $1,100,000), and $600,000 ($1.450,000), respectively. Mining amounts for each year were as follows: 750 pounds (year 1), 1,450 pounds (year 2), and 1,800 pounds (year 3). At the end of year 2, engineers used the new technology (which had been improving over time) and estimated there was still an estimated 6,000 pounds of silver deposits DM also began a research and experimentation project with the hopes of gaining a patent for its new survey technology Diamond Mountain Inc. chose to capitalize research and experimentation expenditures and to amortize the costs over 60 months or until it obtained a patent on its technology. In March of year 1, DM spent $95,000 on research and experimentation. DM spent another $75,000 in February of year 2 for research and experimentation. In September of year 2, DM paid $20,000 of legal fees and was granted the patent in October of year 2 (the entire process of obtaining a patent was unusually fast). Answer the following questions regarding DM's activities (assume that DM tries to maximize its deductions if given a choice) Comprehensive Problem 10-78 Part b b. What is DM's research and experimentation amortization for years 1 and 2? (Round monthly straight-line amortization to 2 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.) Year 1 straight-line amortization Year 2 straight-line amortization