REQUIREMENT: Use the information below to calculate the amount of expense and the liability to be recognized
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Question:
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Total estimated cost of closure/postclosure expense at year-end: | |||||||
Year1=18,550,000 | Year2=20,300,000 | Year3=21,800,000 | |||||
Total amount of landfill used at year end (cumulative). (such as year3=1617000 is the total amount used for 3 years) | |||||||
Year1=588,000 cubic feet | |||||||
year2=1,274,000 cubic feet | |||||||
year3=1,617,000 cubic feet | |||||||
Anticipated landfill capacity throughout first three years=4900,000 cubic feet | |||||||
Closure costs paid at the end of year 2=800,000 | |||||||
Closure costs paid at the end of year 3=950,000 | |||||||
Year 1 | Expense: | ||||||
Liability: | |||||||
Year 2 | Expense: | ||||||
Liability: | |||||||
Year 3 | Expense: | ||||||
Liability: |
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