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1. Happy Meadows County operates a solid waste landfill that is accounted for as an enterprise fund. At the end of 2015, the Landfill Enterprise

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1. Happy Meadows County operates a solid waste landfill that is accounted for as an enterprise fund. At the end of 2015, the Landfill Enterprise Fund had a liability for landfill closure and postclosure care costs of $32,000. The county estimated the total costs associated with closing and monitoring the landfill as follows: Total estimated closure and postclosure care costs [in S] $3,600,000 Total landfill capacity (in metric tons] 450,000 Capacity used by year end 2016 [in metric tons] 36,000 Capacity used by year end 2017 (in metric tons] 75,000 a. Calculate current period expenses for year-ends 2016 and 2017. [4 points) b. Prepare the required journal entries at year-ends 2016 and 2017 to recognize the current period expenses. Be sure to show all of your work. [5 points] c. What was the capacity used through 2015? (2 points) 2. During the year, Raindrop City engaged in the following transactions. The city has a 12/31 fiscal year end. Record the transactions listed below and indicate in which fund the entry is made. (9 points] a. On February 1, 2017, the city issued bonds in the amount of $700,000. The bonds sold for 102, and the city incurred $12,000 bonds issuance costs. The proceeds will be used to purchase a warehouse, to store old paperwork and other important city documents. b. On February 17, 2017, the city purchased the warehouse mentioned above for $726,000. C. On March 29, 2017, the city transferred $121,000 to its debt service fund, for the upcoming payment of outstanding bonds' principal and interest. d. On April 1, 2017, the city made payments of $100,000 principal and $21,000 interest on outstanding bonds. e. On September 5, 2017, the city leased a paper-shredding machine. The lease qualified as a capital lease. The terms of the lease required yearly payments, starting next year. The present value of the minimum lease payments is $11,000

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