What date is the stock deemed to be worthless, Accounting Basics

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What date is the stock deemed to be worthless

Question:

Renita purchased 500 shares in Prompt Messenger Services for $12,000 on November 21, 2009. The company went bankrupt on June 13, 2010, 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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Accounting Basics: What date is the stock deemed to be worthless

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Accounting Basics: What date is the stock deemed to be worthless

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