On July 1,2022, Ivanhoe Company pays $17,500 to Sheridan Company for a 1-year insurance contract. Both companies have fiscal years ending December 31 . (a1) For Ivanhoe Company, journalize the entry on July 1 and the annual adjusting entry on December 31 . (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)