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 $1.08 million plus an additional $770,000 for postclosure work. Of these totals, the city must pay $54,000 on December 31 of each year for preliminary closure work. At the end of 2020, the landfill reaches 2 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 $1.28 million rather than $1.08 million.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.