In Note 12 of its December 2021 consolidated financial statements, Ajax Inc. reported long-term debt outstanding totalling $9.075 billion. This amount is made up of 35 separate debentures, with maturity dates ranging from 2021 to 2074, in amounts ranging from $125 million to $700 million, with interest rates ranging from 2.7% to 11.45%. The income statement for the year reports interest expense on this long-term debt of $725 million.

Required: 6. List the assertions relating to Ajax Incs long-term debt and interest expense. Describe the audit procedures that you would perform to verify the debt and interest expense for 2021.