The town of Wakefield opened a solid waste landfill in 2007 that was at 20% capacity on December 31,2007 and at 50% capacity on December 31,2008.The city initially anticipated closure costs of $2.3 million but in 2008 estimated the closure costs would be $2.7 million.None of these costs will be incurred until the landfill is scheduled to be closed.
Assuming the landfill is recorded within the General fund,what is the journal entry that should be recorded in the Fundbased Financial Statements on December 31,2008?

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The Answer of The town of Wakefield opened a solid waste landfill in 2007 that was at 20% capacity on December 31,2007 and at 50% capacity on December 31,2008.The city initially anticipated closure costs of $2.3 million but in 2008 estimated the closure costs would be $2.7 million.None of these costs will be incurred until the landfill is scheduled to be closed.
Assuming the landfill is recorded within the General fund,what is the journal entry that should be recorded in the Fundbased Financial Statements on December 31,2008?

The Town of Wakefield Opened a Solid Waste Landfill in 2007