FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Kim purchased 500 shares in Prompt Messenger Services for $12,000 on November 21, 2021. The company went bankrupt on June 12, 2022, with no hope of recovery for the shareholders. On what date is the stock deemed to be worthless and what is the nature of the loss?
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