Sawyer Company self-insures its property for fire and storm damage. If the company were to obtain insurance on the property, it would cost them $2000000 per year. The company estimates that on average it will incur losses of $1600000 per year. During 2021, $700000 worth of losses were sustained. How much total expense and/or loss should be recognized by Sawyer Company for 2021? $700000 in losses and no insurance expense $0 in losses and $1600000 in insurance expense $0 in losses and $2000000 in insurance expense $700000 in losses and $900000 in insurance expense