6 The City of Wade has a fiscal year ending June 30. Examine the following transactions for Wade: (A.) On 6/5/21, Wade opens a new landfill. The engineers estimate that at the end of 12 years the landfill will be full. Estimated costs to close the landfill are currently $4,800,000. (B.) On 6/18/21, Wade 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 $650,000. (C.) On 6/30/21, Wade estimates that the landfill is 2% filled. Determine and prepare the general fund journal entries for the City of Wade for each lettered item for the purposes of preparing the fund financial statements.
6
The City of Wade has a fiscal year ending June 30. Examine the following transactions for Wade:
(A.) On 6/5/21, Wade opens a new landfill. The engineers estimate that at the end of 12 years the landfill will be full. Estimated costs to close the landfill are currently $4,800,000.
(B.) On 6/18/21, Wade 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 $650,000.
(C.) On 6/30/21, Wade estimates that the landfill is 2% filled.
Determine and prepare the general fund
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