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Ch 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfi If the landfill were to be closed at the cCh 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity graduaCh 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity graduaCh 12 P-27 0 On January 1, 2017, the City of Hastings created a solid waste landfill that it expects to reach capacity gradua

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1)
GOVERNMENT-WIDE FINANCIAL STATEMENTS
Accounted for as an Enterprise Fund
Date Account Titles & Explanation Debit Credit
December 31, 2017 Expense - Landfill Closure (2% of ($1,350,000 + $880,000) $               44,600.00
                   Landfill Closure Liability $            44,600.00
December 31, 2017 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
December 31, 2018 Expense - Landfill Closure (10% of ($1,550,000 + $880,000 - $49,500) $             238,540.00
                   Landfill Closure Liability $          238,540.00
December 31, 2018 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
2)
GOVERNMENT-WIDE FINANCIAL STATEMENTS
Accounted for as a General Fund
Date Account Titles & Explanation Debit Credit
December 31, 2017 Expense - Landfill Closure (2% of ($1,350,000 + $880,000) $               44,600.00
                   Landfill Closure Liability $            44,600.00
December 31, 2017 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
December 31, 2018 Expense - Landfill Closure (12% of ($1,550,000 + $880,000 - $49,500) $             238,540.00
                   Landfill Closure Liability $          238,540.00
December 31, 2018 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
3)
FUND-BASED FINANCIAL STATEMENTS
Accounted for as an Enterprise Fund
Date Account Titles & Explanation Debit Credit
December 31, 2017 Expense - Landfill Closure (2% of ($1,350,000 + $880,000) $               44,600.00
                   Landfill Closure Liability $            44,600.00
December 31, 2017 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
December 31, 2018 Expense - Landfill Closure (12% of ($1,550,000 + $880,000 - $49,500) $             238,540.00
                   Landfill Closure Liability $          238,540.00
December 31, 2018 Landfill Closure Liability $               49,500.00
                       Cash $            49,500.00
4)
FUND-BASED FINANCIAL STATEMENTS
Accounted for as a General Fund
December 31, 2017 Expenditures - Landfill Closure $               49,500.00
                     Cash $            49,500.00
December 31, 2017 Expenditures - Landfill Closure $               49,500.00
                     Cash $            49,500.00
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