Final answer:
Cohen Company must disclose the details of the long-term notes payable in the financial statements.
Step-by-step explanation:
When Cohen Company purchases a new building with a long-term notes payable, it must disclose the details of the transaction in the notes to the financial statements. The company should include information such as the amount of the loan, the interest rate, the duration of the loan, and any other terms and conditions associated with the notes payable. This disclosure is important for transparency and helps users of the financial statements understand the company's financial obligations.