Friday, January 31, 2020

Colton Jones Inc. Essay Example for Free

Colton Jones Inc. Essay Marion Jones was once the sole shareholder and president of Chempla, Inc.; in 20X1 she sold her stock to Westcoat Industries. She signed an agreement to be a consultant for five years. After being unable to make a profit Westcoat decided to sell their interest in Chempla, but were unable to find a buyer. Westcoat offered Chempla back to Marion Jones and an agreement was reached on September 1, 20X4. Included in the agreement Marion would be majority shareholder of the newly formed corporation. A purchase price was set for the net assets and market values of accounts receivable, inventories, property, plant, and equipment, and accounts payable were obtained. Marion Jones with other investors was able to finance the acquisition of Chemplas net assets. Colton Jones, Inca doped LIFO basis of accounting. Under the U.S. GAAP Codification of Accounting Standards, Codification Topic 805: Business Combinations; Colton Jones accounted for the acquisition of Chempla as they should have. The acquisition method was used as it should have been, one entity was identified as the acquirer, an acquisition date was stated, and the recognition and measurement principals are present. All parts of the acquisition that needed to take place were present in the case.1 1 GAAP Codification of Accounting Standards, Codification Topic 805: Business Combinations Prestone, Riles, Nye Associates Prestone, Riles, Nye (PRN) is a marketing communications company with offices throughout the US and a subsidiary in the United Kingdom and they want to expand into Eastern Europe. In their efforts to do so PRN entered an agreement to acquire outstanding stock of Broadwick Communications, Inc., a firm with contacts in Europe. Brodwick has three shareholders owning 25% each and eight owning the remaining 25%. PRN is responsible to pay $14 million to Broadwick shareholders and form a new entity, BPRN International, Inc. BPRN will conduct the activities of Broadwick and will have two classes of stock, Common A, voting and Common B, nonvoting stock. Income distributions or losses will be shared with the ownership of Common B shares. BPRN will issue 48 percent of its voting stock to PRN and 52  percent to the former Broadwick shareholders. PRN plans to use the equity method to account for and report its investment BPRN. PRN’s decision to use the equity method is supported by APB 18: The Equity Method of Accounting for Investments in Common Stock, which states, â€Å"that the equity method of accounting for an investment in common stock should also be followed by an investor whose investment in voting stock gives it the ability to exercise significant influence over operating and financial policies of an investee even though the investor holds 50 percent or less of the voting stock†¦ an investment (direct or indirect) of 20 percent or more of the voting stock of an investee should lead to a presumption that in the absence of evidence to the contrary an investor has the ability to exercise significant influence over an investee.†1 PRN’s investment in BPRN meets these criteria. The reason for using the equity method is to accurately report PRN’s share of net income from BPRN and for PRN’s investment account to reflect its share of BPRN’s net assets. We agree with PRN’s decision to account for and report its investment in BPRN using the equity method since it meets the requirements of GAAP as stated above. PRN also plans to acquire a majority of the voting stock in BPRN, at which time it will become a subsidiary of PRN. Since the basic accounting procedures for applying the equity method are the same in each case PRN will be able to continue using the equity method if and when it acquires a majority of the voting stock and is required to prepare consolidated financial statements 1 APB Opinion No. 18, paragraph 17. Stanomat, Inc. Stanomat, Inc. plans to acquire the outstanding common stock of Kesser Instruments and make it a subsidiary. An agreement is made that allows Stanomat to acquire 55 percent in two months and will purchase additional shares and outstanding shares will be purchased over a four year period. Stanomat will issue a note to Kesser payable over four years for $20 million with interest 1.5 percent above prime. During the period of the note Stanomat will acquire unissued shares of Kesser and upon complete payment of the note Stanomat will own 100 percent of the subsidiary. At 55 percent of ownership, Stanomat will record its investment at 100 percent ownership. We do not believe it is appropriate for Stanomat to record its investment in Kesser based on the 100 percent ownership that it has committed to purchase. Stanomat will use the equity method to account for its investment in Kesser and prepare consolidated financial statements since it owns more than 50 percent of the company. However, in order to accurately reflect its share of Kesser’s assets and income, it should only record and report the portion that it is entitled to. FASB Statement 141R â€Å"requires an acquirer to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date.†1 Therefore Stanomat must recognize the noncontrolling interest held by Kesser until such time as it has acquired 100 percent ownership. In business combinations contingent shares are shares that will only be issued under certain circumstances or when certain conditions are met. A predetermined set of events must occur before the shares would be issued to investors. In this case, shares of Kesser stock will only be issued to Stanomat when a payment has been made. Deferred payment shares are issued to the investors in advance of payment. If the Kesser had issued its shares to Stanomat in advance of payment, Stanomat would be able to report and record the investment based on the 100 percent of shares it had received. If Stanomat records the investment in Kesser at the 55 percent level it would not be appropriate or practical to treat the purchase as a step acquisition. Step acquisition is only necessary when the investor owns a noncontrolling interest in the investee and then acquires additional interest giving it significant influence. â€Å"In a business combination achieved in stages, the acquirer shall remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings.†2 Stanomat will acquire a controlling interest in Kesser in the first transfer of stock. Therefore it will be using the equity method to record the investment. Upon acquiring additional shares there will be no need to adjust its investment accounts. 1 FASB Statement 141R summary 2 FASB Statement 141R paragraph 48 Falco Industries, Inc. Falco, a supplier of automotive parts, sells its parts to aftermarket segments of the auto industry, including the manufacturer, rebuilder, warehouse distributor, mass merchandiser, and specialist. Falco acquired 10 percent voting common stock in an automotive store, Tidy Automotive, and in the same year acquired an additional 12 percent. Falco has a June 30 fiscal year and Tidy has a year end of October 31st. At year-end Falco Industries wanted to use the equity method to account for the investment in Tidy Automotive Stores. The market value of the investment in common stock on June 30th was 6 percent less that its acquisition cost. During the year Falco acquired a total of 22 percent of outstanding common stock in Tidy, which gives Falco between 20 and 50 percent of outstanding common stock, and therefore Falco’s interest in Tidy is significant. To account for this type of investment, Falco would need to use the equity method. The interest in Tidy would not be significant if Falco had acquired less that 20 percent, in this case Falco would need to use the cost method to account for the investment. If Falco had acquired more than 50 percent they would have to issue consolidated financial statements.

Wednesday, January 22, 2020

Clear Channel and the Cultural and Socio-Political Ramifications of Med

Clear Channel and the Cultural and Socio-Political Ramifications of Media Consolidation I.INTRODUCTION In 1996, Congress passed the Telecommunications Act thereby lifting restrictions on media ownership that had been in place for over sixty years (Moyers 2003; Bagdikian 2000: xviii). It was now possible for a single media company to own not just two radio stations in any given local market, but eight. On the national level, there was no longer any limit on the number of stations a company could own – the Act abandoned the previous nation-wide ownership cap of forty stations (20 FM and 20 AM). This â€Å"anti-regulatory sentiment in government† has continued and in 2004 the Federal Communications Commission (FCC) approved a new rule that would allow corporations to own â€Å"45 percent of the media in a single market, up from [the] 35 percent† established by the 1996 Act (Croteau & Hoynes 2001: 30; AFL-CIO 2004). Companies can now also own both a newspaper and a television station in the same city (AFL-CIO 2004). This deregulation has led to a frenzied wave of mergers – most notably the Viacom/CBS merger in 1999, the largest in history (Croteau & Hoynes 2001: 21). Ownership of the media has rapidly consolidated into fewer and fewer hands as companies have moved to gobble up newspapers, television stations, and radio stations across the country. Perhaps no other company has benefited more from this deregulation than the company which is the focus of this essay – Clear Channel Communications, Inc (CC). The Telecommunications Act and the actions of the FCC paved the way for the rise of this radio industry behemoth. In 1995, the company owned 43 radio stations nationwide. By 2002, it owned 1,239, making it the largest radio company in th... ...in Dubious Times. Urbana, IL: University of Illinois Press. McChesney, Robert W. and John Nichols. 2002. Our Media, Not Theirs: The Democratic Struggle Against Corporate Media. New York: Seven Stories Press. Moyers, Bill. 2003. â€Å"Transcript: Bill Moyers Interviews Larry Klayman.† NOW: With Bill Moyers, July 11. Retrieved November 4, 2004 (http://www.pbs.org/now/printable/transcript_clearc_print.html). Open Secrets. 2004. â€Å"TV/Radio Stations: Top Contributors to Federal Candidates and Parties.† Retrieved October 7, 2004 (http://www.opensecrets.org/industries/contrib.asp?Ind=C2100). Spivak, Laurie. 2004. â€Å"Culture War May find WMD.† Retrieved October 2, 2004 (http://www.alternet.org/story/18090). Turner, Ted. 2003. â€Å"Monopoly of Democracy?† The Washington Post, May 30. Retrieved October 28, 2004 (http://washingtonpost.com/ac2/wp-dyn/A56132-2003May29?language=printer). Clear Channel and the Cultural and Socio-Political Ramifications of Med Clear Channel and the Cultural and Socio-Political Ramifications of Media Consolidation I.INTRODUCTION In 1996, Congress passed the Telecommunications Act thereby lifting restrictions on media ownership that had been in place for over sixty years (Moyers 2003; Bagdikian 2000: xviii). It was now possible for a single media company to own not just two radio stations in any given local market, but eight. On the national level, there was no longer any limit on the number of stations a company could own – the Act abandoned the previous nation-wide ownership cap of forty stations (20 FM and 20 AM). This â€Å"anti-regulatory sentiment in government† has continued and in 2004 the Federal Communications Commission (FCC) approved a new rule that would allow corporations to own â€Å"45 percent of the media in a single market, up from [the] 35 percent† established by the 1996 Act (Croteau & Hoynes 2001: 30; AFL-CIO 2004). Companies can now also own both a newspaper and a television station in the same city (AFL-CIO 2004). This deregulation has led to a frenzied wave of mergers – most notably the Viacom/CBS merger in 1999, the largest in history (Croteau & Hoynes 2001: 21). Ownership of the media has rapidly consolidated into fewer and fewer hands as companies have moved to gobble up newspapers, television stations, and radio stations across the country. Perhaps no other company has benefited more from this deregulation than the company which is the focus of this essay – Clear Channel Communications, Inc (CC). The Telecommunications Act and the actions of the FCC paved the way for the rise of this radio industry behemoth. In 1995, the company owned 43 radio stations nationwide. By 2002, it owned 1,239, making it the largest radio company in th... ...in Dubious Times. Urbana, IL: University of Illinois Press. McChesney, Robert W. and John Nichols. 2002. Our Media, Not Theirs: The Democratic Struggle Against Corporate Media. New York: Seven Stories Press. Moyers, Bill. 2003. â€Å"Transcript: Bill Moyers Interviews Larry Klayman.† NOW: With Bill Moyers, July 11. Retrieved November 4, 2004 (http://www.pbs.org/now/printable/transcript_clearc_print.html). Open Secrets. 2004. â€Å"TV/Radio Stations: Top Contributors to Federal Candidates and Parties.† Retrieved October 7, 2004 (http://www.opensecrets.org/industries/contrib.asp?Ind=C2100). Spivak, Laurie. 2004. â€Å"Culture War May find WMD.† Retrieved October 2, 2004 (http://www.alternet.org/story/18090). Turner, Ted. 2003. â€Å"Monopoly of Democracy?† The Washington Post, May 30. Retrieved October 28, 2004 (http://washingtonpost.com/ac2/wp-dyn/A56132-2003May29?language=printer).

Tuesday, January 14, 2020

Gilgamesh and Odyssey Essay

Gilgamesh is an ancient poem that significantly marked its name as somehow being the first major heroic narrative in the world literature. Fractions of this literature were discovered uniquely carved in tablets even before the Roman, Hebrew and Greek civilization appeared. Gilgamesh depicts a unique and propinquity story of Gilgamesh and his companion Enkidu that transcribed a complex and moving gist of bonds of friendship, of the pursuit for prominence and of the enduring and timeless attempt to escape death, of which considered to be the common fate of humankind. On the other hand, Odyssey, an epic story by Homer, is concerned on the idyllic events proceeded after a war and mainly on the significant return of the heroes who survived the war. The main subject of this written epic work somehow focus on the enduring, drawn-out return of one of the heroes named Odysseus of Ithaca, whose fate is to amble in unknown seas for ten years before he returned to his rocky kingdom. This paper will provide detailed and comprehensive comparison between the two main characters from both epics Gilgamesh and Odyssey. Motivation, goals, self-control, pride, outside influences, behaviors and personal and social relationships will serve as points of comparison being grasped in this paper. Motivation and Goals Gilgamesh, as described in the transcription, was provided with bizarre and astonishing strength, courage, and beauty by his divine and great creator. He is portrayed to be more of a god than a man. These characteristics of him profoundly surpass all circumstances all throughout his journey, a journey that significantly paved the greatest aspiration that probably mankind would have wanted – how to escape the universal fate of the human race. Simply, Gilgamesh wanted to run away from death and have eternal life. One of the tablets inscribed the mere dialogue between Gilgamesh and Utanapishtim (The Distant One). Utanapishtim is descriptively the wisest man who ever lived. Gilgamesh’s search for eternal life led him to ask Utanapishtim the greatest question, how to escape the universal fate of mankind? On a tablet transcribing such meeting, Gilgamesh apparently questions Utanapishtim of how did the latter join the ranks of the gods and find eternal life, though Gilgamesh described him not different; physically indifferent and yet his eart drained of battle spirit. And as response to the wondering question of Gilgamesh, Utanapishtim told him the â€Å"story of the flood†. Utanapishtim profoundly stated that he was commanded to build a boat to save everyone from the wrath of a devastating flood made by a god named Enlil, the chief god living on earth to wipe out human race. This story somehow illustrates events similar to the biblical script â€Å"Noah’s Ark†. The punishment to human race by Enlil gave Utanapishtim the opportunity to have eternal life. Gilgamesh’s greatest achievement though was bringing back to the human race this untold and unknown story. Gilgamesh, by some means, got hold of a plant that can likely grant rebirth to those who eats it, but unfortunately, a serpent stole it from him. With greater wisdom, Gilgamesh returned to Uruk knowing that only the gods are immortal. The goal of seeking immortality is what made both Gilgamesh and Odysseus, from Homer’s epic Odyssey, distinct and divergent with each other. Unlike Gilgamesh, whose goal is to seek and find answers on how to become immortal, Odysseus’s goal, on the hand, is merely the fact that he wants to find his way back home after a long and bloody war. During his voyage towards home, several temptations tested his mental qualities and physical endurance. Circe offered him the Lotus flower that endows forgetfulness of home and family. The greatest temptation however is offered by the goddess Calypso, whom he spent his seven years with – immortality. Instead of accepting such promising offer of immortality, he somehow denied such and still chooses the human conditions in spite of struggles, difficulties, disappointments and even its foreseeable death. Odysseus’s motivational force that drives his willingness to go back home is his wife, Penelope. Self-control Gilgamesh was first described as a king without self-control, rash and violent. People of Uruk, his kingdom, often complained about his absence of self-control towards oppressiveness to the Sumerian gods. Due to this aggressiveness, the gods created Enkidu as counterweight to Gilgamesh. But surprisingly, both Gilgamesh and Enkidu became best of friends; they fought together in every battles and wars, and found in each other the true companion they both sought. In an event where both took an adventure to seek universal fame and immortality pictures out the harsh and uncontrollable oppression to the gods overwhelmingly end the curtain to Enkidu. Enkidu’s death and his continuous and sole journey to seek immortality cause personal transformation. This change and transformation broaden his perception towards greater acceptance and recognition of reality and man’s mortality. On the other hand, Odysseus has extreme sense of self-control. Within the epic story, his remarkable self-control was described and admired. Again, during his adventures on the voyage home, his mental abilities and his physical endurance were tested. Instances occurred that tempted him to descend from his struggle towards home. A Lotus flower is said to suggest forgetfulness of home and family. Circe, goddess of magic, offered a pleasant life in the island of Lotus eaters. In the Phaeacia, he once offered the love and marriage of a young princess. Calypso is an immortal goddess whom Odysseus spent his life with for seven years offered the most significant and most tempting proposal, which probably all of mankind cannot resist. Calypso offered eternal life for Odysseus that will make him immortal. But all of these temptations were single-handedly denied by Odysseus as he preferred more to be mortal and be human amidst varied struggles, disappointments and the predictable end called death. Self-control might be a struggle for every man, but if every man has the drive to hold on to their will and embrace limitation, it will never be too late or too impossible to resist and deny any temptations. Pride The story of Gilgamesh started out as depiction of his arrogance of power. Because of his extraordinary capabilities endowed to him by his divine creator, his egotism of power endangered the relationship between mankind and the Summerian gods. To end Gilgamesh’s arrogance and injustices, gods then created Enkidu. His arrogance and pride concerning his power and unusual capabilities were continuously tested all throughout their journey in quest of rejuvenation of life and immortality. But then again, as mentioned earlier the previous section, after Enkidu’s death changed his perception not only towards man’s mortality but also the perception of one-self. One of the most significant limitations that Odysseus possesses is his pride which Odysseus had much. Part of the story somehow depicted Odysseus’s pride, particularly on the Cyclops’ island. When Odysseus and his men escaped safely from the island, Odysseus surprisingly brags and boasts about his exploit. Cyclops heard him and tossed huge rocks into the ship and some almost sing the ship. Effect of circumstances surrounding the character There are several external influences that bounds and affects the transformation of the once-known arrogant and violent king of Uruk. Due to the egoistic personality of Gilgamesh, it resulted to the discontentment and complaints from his people in which Summerian God interfered. The effect of these external events somehow paved a new path towards the overall impacts of Gilgamesh’s journey that led to his transformation from an arrogant king to a more unselfish and wisdom-filled individual. Another circumstance that greatly affected the character is the death of his supposed and destined enemy, Enkidu. Enkidu was a god-like mortal created by the gods intended to end Gilgamesh’s injustices and arrogance. Both somehow became friends and found a true and deep bond of friendship with each other. Death of his friend allowed him to solely seek answers for mankind’s immortality, which led him to his astonishment that there should no more battle to be fought and needs answers not surpassing violent circumstances. His continuous journey to seek answer guided him to Unatapishtim, the Divine One who could answer Gilgamesh’s wonderings, and which that this Divine One is blessed with immortality and abundance from the gods. Their conversation drew in new and significant events of the Divine One that gave him unending mortality. This occurrence surprisingly influenced and changed Gilgamesh’s perception on man’s mortality and broadens his acceptance to reality. Odysseus’s journey back home from the Trojan War somehow had endowed circumstances that might affect his own beliefs and characteristics. For example, when tempted by different immortal goddesses, most especially on the offering by Calypso to have everlasting and unending existence, he still grasps tightly to his humanity and instead chose to be human than immortal. His faith and dedication somehow proved that every obstacles and disappointments can be surpassed if he is optimistic enough to exceed and outdo every ounce of it. Behaviors In the beginning of the story, Gilgamesh’s subservient behavior is steered by his own self-contentment and self-sufficiency. Arrogant, violent, harsh, and no self-control are self-seeking behaviors and characteristics being affixed to the king, in which all these opened doors to discontentment and dissatisfaction from people. Gilgamesh’s behavior guided him to destruction. This ego-centric manner blinded Gilgamesh from reality that his conscious tried to make him see. For an instance, Gilgamesh tried to strike down on Ishtar during their second adventure to Cedar Forest with Enkidu. Ishtar cannot handle Gilgamesh’s harsh rejection and provoked to send the Bull of Heaven against the people of Uruk. Although they succeeded, it brought terrible damage to his kingdom and brought about the painful death of Enkidu. Unlike Gilgamesh, who is depicted as ego-centric individual, Odysseus has the contrast of this characteristic. Odysseus is optimistic and altruistic as he struggles not only for his own survival during the war, but also for his shipmate’s personal survival. Odysseus is described having versatility which either way compliments his physical strength and courage in battle, skills he showed during the war at Troy. These behaviors somehow resulted from his eagerness to return home to his wife and from his perseverance to preserve and finish the heroic reputation and dignity that he won in war at Troy. The same scene that illustrated Odysseus pride also depicts his care and being concerned to his fellow shipmates. After Cyclops threw boulders to the ship, Odysseus hastily gave his identity to Cyclops and the latter called Poseidon, his father, to punish Odysseus who brought harm to him. That incident hurt Odysseus more than losing his fellow men. This showed Odysseus’s heed towards his fellow shipmen. Personal and Social Relationships The Gilgamesh poem depicted not only ancient Mesopotamian myths and legends, but also endowed diverse and complex relationships and dealings between people involved in the epic story, particularly the main character, Gilgamesh. Gilgamesh’s relationship towards his people as a king is somehow in deep and shaky condition. There have been misunderstandings and lack of sense of unity between the king and its people that hindering a kingdom to flourish due to Gilgamesh’s disturbing and arrogant means of ruling Uruk. Another unstable relationship is with Gilgamesh and the Summerian gods. Gilgamesh tends to oppress the gods which led to the creation of Enkidu. Although Enkidu was created as a counterweight of Gilgamesh, unpredictably, both became friends. Relationship between the king and the supposed enemy is probably the most light and happy relationship made by Gilgamesh. They think of each other as brothers and a true companion in which their common journey indeed deepened their brotherly bond and friendship. There are also different relationship built all throughout the story between Odysseus and other characters in the epic. Again, he built a strong and deep bond and camaraderie with his fellow men. He even risked himself just to keep other from falling in the hands of Cyclops. Odysseus somehow has heart of gold for those who treasure him and appreciate him from his doings. His relationship with his wife, Penelope, also is as strong and sturdy as a diamond which no one can break even through rough and long times of being away from each other. To show his commitment and love to his wife, he even tricks his wife’s suitors and disguised himself as beggar.

Monday, January 6, 2020

Love Is A Universal Language - 3020 Words

Variety of Love â€Å"It’s like with my memories of Tommy and Ruth. Once I’m able to have a quieter life, in whichever centre they send me to, I’ll have Hailsham with me, safely in my head, and that’ll be something no one can take away† (Ishiguro 285). True love often stays with one till the end. The true meaning of love is to be in a complete bond with each other and care for one another when everyone else flees. They who discover the sincere essence of passion and achieve it with significance will far surpass anyone else’s life. It is often said, love is a universal language. This popular saying from many movies and literary works describes the importance of love, and how there are no limits or barriers when dealing with it. They say love is blind, and bonds build in different forms. Care shown by supporters and friendship as a means of affinity reveal the context of the different aspects of love. This is finely depicted through the dystopi an-based science-fiction novel, Never Let Me Go, by Kazuo Ishiguro, in which the love triangle between Tommy, Ruth, and Kathy not only brings out the affection of true friendship, but also the hidden feelings and confessions for one another which lead them to reveal the fondness they have for their guardians and the conscientious actions these caregivers took to ensure their safety. This is illustrated in the novel through the captivating intimacy Kathy shares with Tommy and Ruth, the amorous relationship she has with Tommy, and theShow MoreRelatedSonnet 18 By William Shakespeare862 Words   |  4 PagesShakespeare’s works and is believed by many to be one of the greatest love poems of all time. Like other sonnets, it is written in iambic pentameter form, consisting of four quatrains and a rhyming couplet. Shakespearean sonnets are very good works of literature to assess. 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