On January $1,2025,$ Barbara Brown signed an agreement, covering $5$ years, to operate as a franchisee of Ivanhoe Inc. for an initial franchise fee of $$51,000.$ The amount of $$11,000$ was paid when the agreement was signed, and the balance is payable in five annual payments of $$8,000$ each, beginning January I, $2026.$ The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April $1,2025.$ Barbara Brown's credit rating indicates that she can borrow money at $7\%$ for a loan of this type.

Prepare journal entries for Ivanhoe for $2025-$related revenue for this franchise arrangement, assuming that in addition to the franchise rights, Ivanhoe also provides $1$ year of operational consulting and training services, beginning on the signing date. These services have a value of $$3,100.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts. Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to O decimal places e$.$g$.58,971.$ List all debit entries before credit entries. Record joumal entries in the order presented in the problem.$)$