587 SHORT EXERCISES 1 Types of Long-Term Liabilities SE1. Match the liabilities that follow with the statement to which it applies. 1. Bonds payable a. May result in a capital lease b. Differences in income taxes on accounting income term notes payable 3. Mortgage payable 4. Long-term lease 5. Pension liabilities and taxable income c. The most popular form of long-term financing d. Often used to purchase land and buildings 6. Other post-retirement benefits e. Often used interchangeably with bond 7. Deferred income taxes s payable f. Future health care costs are a major component g. May include 401(k), ESOPs, or profit-sharing ortgage Payable 2. Hagler Corporation purchased a building by signing a $150,000 long-term m ewith monthly payments of $1,200. The mortgage carries an interest rate of 8 per year. Prepare a monthly payment schedule showing the monthly payment st for the month, the reduction in debt, and the unpaid balance for the first