Describe Briefly How Each of the Following Long-Term Liabilities Arises

question 152

Essay

Describe briefly how each of the following long-term liabilities arises (i.e. ,what kind of transaction produces the resulting long-term liability?)You may want to include the appropriate accounts to increase or decrease (ignore amounts)in your description.
a)Long-term debt
b)Deferred income taxes

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Definitions:

Semi-Oscillating Fifth Wheels

A type of fifth wheel coupling system that allows limited lateral rotation around a vertical axis, improving maneuverability for the connected trailer.

Fully-Oscillating

Describes a joint or hinge that allows movement in all directions, typically used in heavy machinery for flexibility.

Linehaul Highway

A major transportation route designed for the efficient movement of goods and passengers over long distances.

Fully-Oscillating

Refers to a component or system, typically in heavy machinery, that has the ability to move or pivot freely in all directions.