Elandra purchased 500 shares in Prompt Messenger Services for $12,000 on November 21, 2018. The company went bankrupt on June 12, 2019, 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? g

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?