What type of information should be disclosed

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Reference no: EM133655463

Question: The Thomas Corporation took out a 20-year mortgage on a new headquarters building on June 30, 2014 for $3,000,000 and pledged its only manufacturing facility and the land on which it stands as collateral. The monthly payment to the mortgagor is $25,000 and was first paid on July 1, 2014. Your firm has audited this client before, but the client has never had a mortgage in previous years. You are in charge of the current year audit for Thomas, which has a balance sheet date of December 31, 2014. What type of information should be disclosed in the footnotes for this mortgage to help the auditor determine whether the completeness and presentation/disclosure assertions are satisfied?

Reference no: EM133655463

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