GAAP AND SAP entry for the following journal entry $9.$ Incurred losses of $$3,850,000$ this year & records the full amount as a liability.$)$ Note: Loss payments will be recorded in transaction no$.11.$

$10.$ Incurred loss adjustment expenses of $$1,500,000$ this year and records it as a liability.$)$ Note: Payment will be recorded in transaction no$.12.$

$11.$ Paid $55\%$ of the losses incurred in the current year. Refer to transaction no$.9$ for the amount of losses incurred in the current year.

$12.$ Paid $55\%$ of the loss adjustment expenses $($LAE$)$ incurred in the current year. Refer to transaction no$.10$ for LAE incurred this year.