Reconciliations to yield government-wide financial statements (landfill closure liability) The City of Captiva is preparing its government-wide financial staternents from its fund financial statements The City maintains a landfill for solid waste disposal and estimates that its total capacity is 11 million tons. At the end of the prior year, the City estimated that it had used 4 million tons and reported a liability for closure and postclosure costs of $4 million. During the year, the City estimates that it used an additional 1,500,000 tons of capacity. Closure and postclosure costs are expected to be $11 milliorn when the Landfill reaches capacity. a. Calculate the current period cost. Current period cost 0 b. What reconciliation entries must the City include in its government-wide financial statements relating to the Landfill Liability at the beginning of the year and as of the end of the year? Reconciliation Spreadsheet Description Debit Credit 0 0 To record BOY landfill liability for government-wide financial statement presentation 0 0 Reconciliations to yield government-wide financial statements (landfill closure liability) The City of Captiva is preparing its government-wide financial staternents from its fund financial statements The City maintains a landfill for solid waste disposal and estimates that its total capacity is 11 million tons. At the end of the prior year, the City estimated that it had used 4 million tons and reported a liability for closure and postclosure costs of $4 million. During the year, the City estimates that it used an additional 1,500,000 tons of capacity. Closure and postclosure costs are expected to be $11 milliorn when the Landfill reaches capacity. a. Calculate the current period cost. Current period cost 0 b. What reconciliation entries must the City include in its government-wide financial statements relating to the Landfill Liability at the beginning of the year and as of the end of the year? Reconciliation Spreadsheet Description Debit Credit 0 0 To record BOY landfill liability for government-wide financial statement presentation 0 0