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The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial...

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Accounting

The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2020, the first day of the fiscal year.

Debits Credits
Cash $ 2,330,000
Supplies: Supplies Inventory 80,000
Equipment 7,190,000
Accumulated depreciation $ 2,790,000
Accounts payable 130,000
Accrued closure and postclosure care costs payable 2,080,000
Net position 4,600,000
Totals $ 9,600,000 $ 9,600,000

During the year, the following transactions and events occurred:

  1. Citizens and trash companies dumped 513,000 tons of waste in the landfill, which charges $5.55 a ton payable in cash.
  2. Diesel fuel purchases totaled $347,000 (on account).
  3. Accounts payable totaling $430,000 were paid.
  4. Diesel fuel used in operations amounted to $368,000.
  5. Depreciation was recorded in the amount of $685,000.
  6. Salaries totaling $165,000 were paid.
  7. Future costs to close the landfill and postclosure care costs are expected to total $81,250,000. The total capacity of the landfill is expected to be 25,000,000 tons of waste.

Prepare Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020.

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