The City of Wetteville Has a Fiscal Year Ending June

Essay

The City of Wetteville has a fiscal year ending June 30. Examine the following transactions for Wetteville:
(A.) On 6/5/18, Wetteville opens a new landfill. The engineers estimate that at the end of 10 years the landfill will be full. Estimated costs to close the landfill are currently $3,500,000.
(B.) On 6/18/18, Wetteville receives a donation of a vintage railroad steam engine. The engine will be put on display at the local town park. A fee will be charged to actually climb up into the engine. The engine has been valued at $500,000.
(C.) On 6/30/18, Wetteville estimates that the landfill is 2% filled.
-Determine and prepare the journal entries for the City of Wetteville, on the dates mentioned for each lettered item, for the purposes of preparing the government-wide financial statements.