On January 1, 2020, the City of Hastings creates a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time, closure costs would be approximately $1.92 million plus an additional $650,000 for postclosure work. Of these totals, the city must pay $56,500 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 4 percent of capacity. At the end of 2021, the landfill reaches 13 percent of capacity. At the end of 2021, a reassessment is made. Experts determine total closure costs will be $2.12 million rather than $1.92 million. Required:
a. Assuming that the landfill is viewed as an enterprise fund, what journal entries are made in 2015 and 2016 on the government-wide financial statements?
b. Record entry to recognize the year 1 portion of total costs for eventual closure of landfill
c. Record first payment of costs necessitated by eventual closure of landfill

the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.

consumer credit. an advantage is that it allows consumers to afford expensive goods and services now, increasing their standard of living. however, a disadvantage is that it creates a trap for debt, if people do not have self control, they may see themselves filing personal bankruptcy.

answer: true

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