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Question: Consider the following case: At the start of Year 1 a government opens a landfill. It elects to account for it in an enterprise fund. It estimates that total capacity of the landfill will be 4,500,000 cubic feet. During Year 1, the government uses 90,000 cubic feet of the landfill. At year-end, it estimates total closure-related costs to be $18,036,000. What would be the journal entries to record closure-related costs for Year 1?

In Year 2, the government uses 120,000 cubic feet of the landfill. At year-end, it estimates that total closure-related costs have increased to $18,526,000 and that total landfill capacity has decreased to 4,275,000 cubic feet. What would be the journal entries to record closure-related costs for Year 2?

In Year 3, the government uses 135,000 cubic feet of the landfill. At year-end, it estimates that closure-related costs have increased to $18,840,254 and that total landfill capacity has remained at 4,275,000 cubic feet. During the year, the government spends $277,221 on closure-related costs. What would be the journal entries to record closure-related costs for Year 3?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92579270

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