On January 1, 2025, Ivanhoe Animation sold a truck to Oriole Finance for $41,000 and immediately leased it back. The truck was carried on Ivanhoe's books at $33,000. The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Ivanhoe at lease-end. The lease requires three equal rental payments of $11,600 at the end of each year (first payment on January 1,2026). The appropriate rate of interest is 5%, the truck has a useful life of 5 years, and the residual value at the end of the lease term is expected to be $14,000, none of which is guaranteed. Prepare Ivanhoe's 2025 journal entries. (List all debit entries before credit entries. 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. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Click here to view factor tables.

Select the best answer for each of the follwing items and give reasons for your choice. a. Which of the following best describes the relationship between assurance services and attest services? (1) While attest services involved financial data, assurance services involve nonfinancial data (2) While attest services require objectivity, assurance services do not require objectivity (3) All attest services require independence. (4) Attest and assurance services are different terms referring to the same types of services