to follow through and, accordingly, there was never any interest recorded for this debt at December 31, 2014, for the months of November and December 2014. r Debt facility 3: You have determined, based on reading the preliminary financial statements for the year and calculating the events of the default provisions for the bonds payable that MIC was not in compliance with the 1% debt-to-equity ratio specified in the bond indenture. C Debt facility 4: While reviewing the mortgage note payable file, you determined that MIC did not maintain casualty insurance for a 10-day period in November 2014, as required under the terms of the mortgage. Determine what you are going to tell the controller about each of these situations and what the ramifications would be using US GAAP and lFFlS