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Jones Company has decided to self insure the risk of losses related to auto insurance claims. Under state law, Jones is allowed to post a $100,000 bond with the state insurance commission to cover liability losses from at fault auto accidents instead of carrying auto liability insurance. Based on past history, Jones estimates losses will average $50,000 from liability claims and $25,000 damage to its own vehicles. During 2014, Jones actually paid $10,000 in liability claims and $15,000 damage to its own vehicles. Required: Explain and discuss how Jones should properly account for and report this self insurance activity.
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