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Identify the flaws in the reporting practices

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Reference no: EM132692470

Problem - Reporting bonds - At the beginning of the current year, two bond issues (Simmons Industries 7%, 20-year bonds and Hunter Corporation 8%, 10-year bonds) were outstanding. During the year, the Simmons Industries bonds were redeemed and a significant loss on the redemption of bonds was reported n the income statement. At the end of the year, the Hunter bonds were reported as a noncurrent liability. The maturity date on the Hunter bonds was early in the following year. Identify the flaws in the reporting practices related to the two bond issues.

Reference no: EM132692470

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