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, 20x5, Let's Do, Corp. Issues 8%, 10-year bonds payable with a face value of $800,000. The bonds pay interest on February 28 and August 31.Lets do mortises 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, 20x5 Payment of interest and amortization of the bonds on August 31, 20x5. Accrual of interest and amortization of the bonds on December 31, 20x5. Payment of interest and amortization of bonds on February 20x5