Explain the term Long-Term Liabilities, the different types of Long-Term Liabilities and the structure of Long-Term Liabilities in the balance sheet. Report the Long-Term Liabilities from the text below: On February 28, 20 times 5 LetsDo Corp. issues 8%, 10-year bonds payable with a face value of $800.000. The bonds pay interest on February 28 and August 31. LetsDo amortizes bonds by the effective interest method. Assumed that the market rate is 7%, record the following bonds payable transactions: Issuance of the bonds on February 28, 20 times 5 Payment of interest and amortization of the bonds on August 31, 20 times 5. Accrual of interest and amortization of the bonds on December 31, 20 times 5 Payment of interest and amortization of bonds on February 20 times 5Show 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. Report the Long-Term Liabilities from the text below: On February 28, 20 times 5 LetsDo Corp. issues 8%, 10-year bonds payable with a face value of $800.000. The bonds pay interest on February 28 and August 31. LetsDo amortizes bonds by the effective interest method. Assumed that the market rate is 7%, record the following bonds payable transactions: Issuance of the bonds on February 28, 20 times 5 Payment of interest and amortization of the bonds on August 31, 20 times 5. Accrual of interest and amortization of the bonds on December 31, 20 times 5 Payment of interest and amortization of bonds on February 20 times 5
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