Explain the term Long-Term Liabilities, the different types of Long-Term Liabilities and the structure of Long-Term Liabilities in the balance sheet. Record the following capital lease, the first payment at June 30, 20 times 6 and for the financial year ended December 31, 20 times 5: On July 1, 20 times 5, LetsDo Corporation signed a capital lease that requires a payment of $40.000 per year for the next five years. The interest rate for capital lease is 5% per year.Show transcribed image text Explain the term Long-Term Liabilities, the different types of Long-Term Liabilities and the structure of Long-Term Liabilities in the balance sheet. Record the following capital lease, the first payment at June 30, 20 times 6 and for the financial year ended December 31, 20 times 5: On July 1, 20 times 5, LetsDo Corporation signed a capital lease that requires a payment of $40.000 per year for the next five years. The interest rate for capital lease is 5% per year.
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