On July 1, 2022, Ivanhoe Company pays $11,656 to Sandhill Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ivanhoe Company journalize the entry on July 1 and the arinual adjusting entry on December 31 . (Record joumal entries in the order presented in the probiem. Oredit occount tities are outomatically Indented when the amount is entered. Do not indent manuolly