Identify the flaws in the reporting practices

Reference no: EM131947265

Question: At the bninning of the current year, two bond issues (Simmons Industries 7% 20-year bonds and the Hunter Corporation 8% 10-year bonds) weere outstanding. During the year, the Simmons Industries bonds were redeemed and a significant loss on the redemption of bonds was reported as an extraordinary item on the income statement. At the end of the year, the hunter corporation bonds were reported as a nocurrent liability. the maturity date on the Hunter Corporations bonds was early in the following year.

Identify the flaws in the reporting practices related to the two bond issues.

Reference no: EM131947265

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