A county government, with a December 31 year-end, runs a landfill. As of December 31, 2021, the landfill is 35% filled. Total future estimated closure and postclosure costs are $20,000,000. On December 31, 2020, the landfill was 15% filled and future estimated closure and postclosure costs were $15,000,000.
Required
Prepare the December 31, 2021 journal entry or entries to reflect the above information, if any, assuming the landfill is reported:
a. In a governmental fund
b. In an enterprise fund

Question

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The Answer of A county government, with a December 31 year-end, runs a landfill. As of December 31, 2021, the landfill is 35% filled. Total future estimated closure and postclosure costs are $20,000,000. On December 31, 2020, the landfill was 15% filled and future estimated closure and postclosure costs were $15,000,000.
Required
Prepare the December 31, 2021 journal entry or entries to reflect the above information, if any, assuming the landfill is reported:
a. In a governmental fund
b. In an enterprise fund

A County Government, with a December 31 Year-End, Runs a Landfill