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Net position Compensated absences Revenues Deferred revenues The City of Charlevoix is preparing its government-wide financial statements from its fund financial statements. The City maintains a landfill for solid waste disposal and estimates that its total capacity is 10 million tons. At the end of the prior year, the City estimated that it had used 3 million tons and reported a liability for closure and post-closure costs of $3 million. During the year, the City estimates that it used an additional 500,000 tons of capacity. Closure and post-closure costs are expected to be $10 million when the Landfill reaches capacity. a. What reconciliation entries must the City include in its government-wide financial statements relating to the Landfill Liability at the beginning of the year and as of the end of the year? Reconciliation Spreadsheet Description Debit Credit 0 0 0 0 To record BOY landfill liability for government-wide financial statement presentation 0 0 0 0 To record landfill liability activity for government-wide financial statement presentation Net position Compensated absences Revenues Deferred revenues The City of Charlevoix is preparing its government-wide financial statements from its fund financial statements. The City maintains a landfill for solid waste disposal and estimates that its total capacity is 10 million tons. At the end of the prior year, the City estimated that it had used 3 million tons and reported a liability for closure and post-closure costs of $3 million. During the year, the City estimates that it used an additional 500,000 tons of capacity. Closure and post-closure costs are expected to be $10 million when the Landfill reaches capacity. a. What reconciliation entries must the City include in its government-wide financial statements relating to the Landfill Liability at the beginning of the year and as of the end of the year? Reconciliation Spreadsheet Description Debit Credit 0 0 0 0 To record BOY landfill liability for government-wide financial statement presentation 0 0 0 0 To record landfill liability activity for government-wide financial statement presentation