Identify the types of information that should be disclosed in the footnotes for this long-term note payable to help the auditor determine whether the presentation audit objective is satisfied.
The Redford Corporation took out a 20-year mortgage on June 15, 2019, for $2,600,000 and pledged its only manufacturing building and the land on which the building stands as collateral. Each month subsequent to the issue of the mortgage, a payment of $17,885 was paid to the mortgagor. You are in charge of the current […]