The Town of Wakefield opened a solid waste landfill in 2017 that was at 20% capacity on December 31, 2017 and at 50% capacity on December 31, 2018. The city initially anticipated closure costs of $2.3 million but in 2018 revised the estimate of the closure costs to be $2.7 million. None of these costs will be incurred until the landfill is scheduled to be closed.
-Prepare the journal entry that should be recorded on December 31, 2018 for government-wide financial statements.
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Question

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The Answer of The Town of Wakefield opened a solid waste landfill in 2017 that was at 20% capacity on December 31, 2017 and at 50% capacity on December 31, 2018. The city initially anticipated closure costs of $2.3 million but in 2018 revised the estimate of the closure costs to be $2.7 million. None of these costs will be incurred until the landfill is scheduled to be closed.
-Prepare the journal entry that should be recorded on December 31, 2018 for government-wide financial statements.
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The Town of Wakefield Opened a Solid Waste Landfill in 2017