1 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 $1.82 million plus an additional $840,000 for postclosure work. Of these totals, the city must pay $56,000 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 5 percent of capacity. At the end of 2021, the landfill reaches 14 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.02 million rather than $1.82 million. 7.5 points a. Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? b. Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? c. Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? d. Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Assume the city views the landfill as an enterprise fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) No Date General Journal Debit Credit 1 December 31, 202 Expense-landfill closure 133,000 Landfill closure liability 133,000 2 December 31, 202 Landfill closure liability 56,000 Cash 56,000 3 267,400 December 31, 202 Expense-landfill closure Landfill closure liability 267,400 4 December 31, 202 Landfill closure liability 42,000 X Cash 42,000 X Required A Required B Required C. Required D Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing government-wide financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) No Date General Journal Debit Credit 1 December 31, 202 Expense-landfill closure 133,000 Landfill closure liability 133,000 N December 31, 202 Landfill closure liability 56,000 Cash 56,000 3 December 31, 202 Expenselandfill closure 267,400 Landfill closure liability 267,400 4 December 31, 202 Landfill closure liability 42,000 X Cash 42,000 Required A Required B Required C Required D Assume the city views the landfill as being within the general fund. What journal entries should the city make in 2020 and 2021 in preparing fund financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in whole dollars not in millions.) No Date General Journal Debit Credit 1 December 31, 202 Expenditures-landfill closure 56,000 X Cash X 56,000 2 December 31, 202 Expenditures-landfill closure 56,000 Cash 56,000 3 December 31, 202 No journal entry required 4 December 31, 202 No journal entry required
