A customer slipped on ice in Jones Company$$s parking lot, suffering a concussion. The customer has hired a lawyer but has not yet asserted a claim $($filed a lawsuit$)$ against Jones. Jones$$ attorneys expect that a claim will be filed and that it will ultimately cost the company between $$30,000$ and $$60,000.$ Jones has hired you to research the correct accounting for this situation. Specifically, they want answers to these questions:

Should Jones record a loss and liability for this incident?

If so$,$ for what amount?

What journal entry would be made, if any?

Research the situation and document your findings. Your response should answer the questions but should also describe your research and thought process. In other words, describe how$/$why you reached your conclusion. Include ASC citations to support your conclusions.