Business, 13.10.2021 23:40, beverly9662
On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.92 million plus an additional $650,000 for postclosure work. Of these totals, the city must pay $56,500 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 4 percent of capacity. At the end of 2021, the landfill reaches 13 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.12 million rather than $1.92 million.
Required:
a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2015 and 2016 on the government-wide financial statements?
b. Record entry to recognize the year 1 portion of total costs for eventual closure of landfill
c. Record first payment of costs necessitated by eventual closure of landfill
Answers: 3
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On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach cap...
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