List the audit procedures that should ordinarily be performed to verify the issue of the mortgage, the balance in the mortgage and interest payable accounts at December 31, 2019, and the balance in interest expense for the year 2019.
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 […]