The Relationship Between Confucianism And Buddhism Essay -- Confuciani

â€Å"It is often said that, aside from the impact of Marxism on twentieth-century China, the only other time when the Chinese looked beyond their own borders for intellectual sustenance was during the period when Buddhism was absorbed from India† (LaFleur 23). Why did this religion appeal to the Chinese when they disregarded so many other external influences? After all, being tied to the rest of the world by the Silk Road meant they were constantly inundated with novel concepts from far and wide. The answer must lie in how Buddhism interacted with the other faiths already established in the country, namely Confucianism and Daoism (sometimes spelled Taoism). While at first glance it may appear that Confucian China would be the last place Buddhism would find a niche, it was in fact the combination of Confucianism and Daoism that laid a foundation at least slightly receptive toward this new faith from India. This paper will focus mainly on the interaction between Buddhism and C onfucianism. Buddhism made it to China over land in the first century C.E. from the northwest and by sea in the second century C.E. The main influence, however, came from the northwest via the Silk Road (Zuercher 415). In fact, Buddhism's main avenue of expansion was along trade routes throughout Asia. According to Jason Neelis, trade as a vehicle for the expansion of Buddhism is reflected in the fact that the religion spread in an irregular pattern unlike typical diffusion (Neelis 7). It was the Theravada branch in particular that has been associated with trade. Mahayana, on the other hand focused on the more settled, agricultural lifestyle. Ironically it is this branch that took hold in China. Once trade brought the religion within China’s bor... ...Encyclopaedia Britannica, 2012. Web. 6 October. 2012. LaFleur, William R. Buddhism: A Cultural Perspective. Ed. Robert S. Ellwood. Upper Saddle River, NJ: Prentice Hall, 1988. Neelis, Jason. Early Buddhist Transmission and Trade Networks: Mobility and Exchange within and beyond the Northwestern Borderlands of South Asia. Leiden: Brill, 2011. Powers, John. Introduction to Tibetan Buddhism. 2nd ed. Ithaca, NY: Snow Lion, 2007. Saunders, Kenneth J. â€Å"Buddhism in China – A Historical Sketch.† The Journal of Religion 3 (1923): 157-69. Shien, Gi-Ming. â€Å"The Epistemology of Buddhism, Taoism and Confucianism.† Philosophy 28 (1953): 260-264. Zuercher, Erik. â€Å"Buddhism in China.† In The Encyclopedia of Religion, edited by Mircea Eliade, vol. 2, 414-21. New York: MacMillan, 1987.

The History of the Panama Canal :: American America History

The History of the Panama Canal The Panama Canal has been called the big ditch, the bridge between two continents, and the greatest shortcut in the world. When it was finally finished in 1914, the 51-mile waterway cut off over 7,900 miles of the distance between New York and San Francisco, and changed the face of the industrialized world ("Panama Canal"). This Canal is not the longest, the widest, the deepest, or the oldest canal in the world, but it is the only canal to connect two oceans, and still today is the greatest man-made waterway in the world ("Panama Canal Connects). Ferdinand de Lesseps, who played a large role in building the Suez Canal in 1869 (Jones), was the director of the Compagnie Universelle Du Canal Interoceanique de Panama ("Historical Overview"). At first De Lesseps seemed to be "the perfect choice for the Panama task." Though as time went on De Lesseps was found to be "anything but the ideal" (Dolan). As soon as de Lesseps' company took over the canal it was doomed (Jones). De Lesseps was a 74-year-old man who was stubborn, vain, and very opinionated (Considine). Because of his experience with the Suez waterway, De Lesseps thought he was smarter than all the engineers beneath his command (Dolan). De Lesseps overrode all opposition of his sea-level canal due to his very popular reputation. He was sold on the idea of a sea-level canal and would not listen to the ideas of others such as French engineer, Adolphe Godin de Lepinary. De Lepinary's idea was to create two large lakes on either side of the mountains. In order to do this they w ould have to dam the Chagres River on the Atlantic side and the Rio Grande River on the pacific side (Considine). Although as time went on more than just a poor director held back the finalization of the canal. Disease, death, and rough terrain slowed down the completion of the canal. "The Terrain at the Isthmus was something they had never experienced and had not put a serious study of it, a very grave error" ("Panama Canal Connects"). Mosquitoes were responsible for many deaths. Illnesses such as yellow fever and malaria made "many of the work forces go to the hospitals or in some cases die" ("Panama Canal"). Mosquitoes carried the diseases and when a person got bit he would give a disease to the mosquito and the mosquito would pass it on to the next victim ("Historical Overview").

Mr. Blake’s views on Upon Westminster Bridge :: Westminster Bridge Poetry Essays

Mr. Blake’s views on Upon Westminster Bridge I read Mr Wordsworth’s poem. I was dismayed by his views on London. I was horrified when I read the first line. â€Å"Earth has not anything to show more fair,† I believed he would have experienced beautiful views since he was brought up in the Lake District. He obviously has not seen London in 1794. I have lived in London for many years of my life. I have seen people in poverty from the poorest parts of London to people in mansions the richest places. One day I was walking through the streets of London and it sprung upon me to write a poem. This is my view on the real London. I opened the poem with the line â€Å"I wonder through each chartered street† I used this word wandered to make it seem as if I was freely roaming the streets not knowing where I was or where I was going. As if I was lost down the back streets of London. Chartered street carry’s the mark of changed and revolutionised London. All the streets seemed dull and grim and had something mysterious about them. My second line was on the same theme as the first line first from it id talking about the Thames! â€Å"Near where the chartered Thames does flow,† in the first draft of this poem I wrote dirty Thames instead of â€Å"chartered Thames.† I changed because I felt that it would have more effect. Everywhere is dirty in London, but I am trying to say that everywhere is dull and grim; also as you are walking through the streets it is like deja vu. One of the most distinct things about London is how the people look and feel. My next two lines are, â€Å"And mark in every face I meet marks of weakness marks of woe† As l walked though the streets I could see no one was smiling. I actually felt sorry for some people. Nearly every person I met looked ill or suffered from malnutrition due to over working, low income, no food and poor living space. I used this stanza to emphasize my views and to make it sound more obvious, to paint a picture in the readers mind â€Å"In every cry of everyman â€Å" this next stanza is very strong and meaningful. A crying man is not often heard. Unless he is under real distress. Suffering is a very big theme in the street of London everywhere you walk you can see it in the stanza, I started the first three lines with â€Å"in every† to emphasize my point.

Quality Control

More and more companies are finding it necessary to to achieve high quality, ND consider it a major strategy objective. This essay aims to explain how companies control their organizations to produce high quality products through cases in two completely different sectors, separately service and manufacturing industries. It compares distinct method to improve quality in two company Toyota and American airline. Literature Review Quality Is an often-used concept but yet such a complex term. Many academic researches have been conducted to help us understand what Is quality.From marketing's perspective, it is about how to satisfy customer expectations to the greet extent ( Crooning 1994). Other economics and industrial organization researchers view quality in terms of vertical product differentiation between design and implementation. ( Mayer,C 1 971 ), whereas management researchers study quality in terms of organizational processes such as quality circles and total quality management (P owell,T 1995). Those definitions give a comprehensive understanding of this concept. To attempt to reach high quality, companies monitor the process of production. These actively can be defined as quality control (SQ).As Mayer (1971) said, the term control add the meaning of attempts to Insure that the design was implemented according to the plan. In other words, it is a systematic process through which the targets and standards are set and then actions are taken to correct deviations from actual performance. There are four steps in the control process according to R. Daft (1991) ,namely establish standards, measure actual performance, compare performance to standards and take corrective action. Firstly, establishing standards precisely provides a guide to workers and managers so that they can determine whether the product or service Is on target.Secondly, companies develop various quality agreements which can be observed In a period,for monthly. Thirdly, comparing performance to st andards means relating collected data and reports from actual activities to the target. When performance Is Inconsistent with the standards, inquiring approach should be taken and causes of the problem chancing work activities in order to bring them back to acceptable performance standards. When implementing the four steps above, quality control can focus on events before, during,or after the production process. Quality Control More and more companies are finding it necessary to to achieve high quality, ND consider it a major strategy objective. This essay aims to explain how companies control their organizations to produce high quality products through cases in two completely different sectors, separately service and manufacturing industries. It compares distinct method to improve quality in two company Toyota and American airline. Literature Review Quality Is an often-used concept but yet such a complex term. Many academic researches have been conducted to help us understand what Is quality.From marketing's perspective, it is about how to satisfy customer expectations to the greet extent ( Crooning 1994). Other economics and industrial organization researchers view quality in terms of vertical product differentiation between design and implementation. ( Mayer,C 1 971 ), whereas management researchers study quality in terms of organizational processes such as quality circles and total quality management (P owell,T 1995). Those definitions give a comprehensive understanding of this concept. To attempt to reach high quality, companies monitor the process of production. These actively can be defined as quality control (SQ).As Mayer (1971) said, the term control add the meaning of attempts to Insure that the design was implemented according to the plan. In other words, it is a systematic process through which the targets and standards are set and then actions are taken to correct deviations from actual performance. There are four steps in the control process according to R. Daft (1991) ,namely establish standards, measure actual performance, compare performance to standards and take corrective action. Firstly, establishing standards precisely provides a guide to workers and managers so that they can determine whether the product or service Is on target.Secondly, companies develop various quality agreements which can be observed In a period,for monthly. Thirdly, comparing performance to st andards means relating collected data and reports from actual activities to the target. When performance Is Inconsistent with the standards, inquiring approach should be taken and causes of the problem chancing work activities in order to bring them back to acceptable performance standards. When implementing the four steps above, quality control can focus on events before, during,or after the production process.

Frederick Douglass: On Anti-Slavery Essay

Frederick Douglass—the famous icon on the context of ‘classic slave autobiography’ is considerably an eloquent writer which in essence recounts his claim to fame as that who issued the â€Å"powerlessness resulting form the social appropriation of discourse. † Born on the month of February in the year 1818 at Near Easton, Maryland, his works and admirable finesse has been recognized as the heroic act of being a slave towards being an anti-slavery leader. At age of twenty, he was able to get off the leash of slavery and pursued with his aim to thoroughly expunge the radical schema of slavery through writing articles and other forms of documentation such as The Liberator; and thoroughly escaped the wrath of slavery at age thirty in the year 1838. Further, this Garrison writer also managed to write a book under his memoir entitled Narrative of the Life of Frederick Douglass, an American slave in the midst of year 1845 and gained numerous awards and took the limelight stage due to his eloquence and intellectual fortitude as a speaker on anti-slavery movements. Not only is he good in the field of public speaking, but he also managed to take a formidable seat through lecturing and spreading out his determination to achieve â€Å"freedom† through explicitly exposing himself and truth for the purpose of campaigning for the â€Å"rights of women, and participations on Seneca Falls Convention, and advocacy in the Republican Party. † As a matter of fact, he also helped in recruiting African Americans in enlisting in the Union army—for the fight against slavery—and even advising the most influential president, Abraham Lincoln, to support him in his endeavors. All of these, in the streamline of history and of literature have nevertheless paid off worthy enough. Interview with Frederick Douglass How does it feel to be famous and world-renowned? Good day to you and to our viewers. Well, I knew you would ask me that question since in my own experience, which is perhaps the legendary question which most of my interviewers consider as the â€Å"opening remark† per se. I could not feel anything more than happiness to take it to assumption that I am considerably renowned and labeled as one of those who are legendary and has made a difference in the world or on the context of slavery. Of course, like all the other public icons and heroes as far as history and literature is concerned makes me feel that I am in one point or another a blessed individual for having been given the gift of courage and eloquence. It may be hard, in some point, since there will always be â€Å"critics who are after pulling down your reputation† for reasons which I consequently define as lame. I mean like, after all the hard work I have done and with the support of the testimonies of those who were able to witness and experience the heroic act that I have made, they always try to pull me down. I don’t know why they are utterly absurd, but I guess that is how â€Å"fame† is actually established—to be talked about and to be criticized. Nevertheless, a person would not be considered famous if his or her name does not often linger on the media, press, or on critics for that instance. (Gerteis, p. 1448) Is it true that Haitis were opposed to mixed men? We are all aware that the Haitians have always been those who are aloof amongst other people or on other race. Well, it came to a point that they specifically hate individuals with â€Å"mixed citizenship†Ã¢â‚¬â€which as you can see includes me—and therefore, I became one of those who were always stalked by these people and sometimes, whenever they get the ample chance, they get to serve their wrath against me. I never really considered it as a threat, since I always thought that every race and every culture have diverse beliefs. â€Å"These beliefs, however, are manifested by historical events or simply a tradition inculcated by their forefathers†Ã¢â‚¬â€and believe me, when tradition or belief is at stake, trying to change it is like pulling a trigger on your head. (Douglass, p. 5) Why did you decide to revolt against slavery despite the â€Å"risk† that it contains? Initially, as a boy at age 20, I was one of those who were hiding from the closet for every explosion, which I may possibly hear. But then, there was this inner sense of â€Å"hatred† which I fervently feel to be a form of evil—inequity is one—and â€Å"to treat me and my people as slaves by individuals who are humans like us, stepping on the same ground, that is reason enough not to let them do their wrong doing. † It is a disgrace to humanity and I would not want my children to experience that kind of agony in the future. (Lee, p. 51) How would you define slavery in America? â€Å"American History often stresses the point of slavery and racial discrimination. † For that certain fact, it has made black Americans hungry for freedom that their way of being heard was through the use of pen by literature, or worse, in the realm of a bloody war. Plenty of truth bares the inequity behind the perceptions of asymmetrical treatment. There is this novel which formidably shattered my world apart. Anger, Betrayal, a feeling of Invisibility – all of which horrified the pitiful young man in Ralph Ellison’s Invisible Man, which continuously puzzle readers in scouring for the Nigger’s name. Perhaps it was better way off that way then, or else the name would also dignify the unfortunate fate encountered by the man in the novel. As for the invisible man, the story of his life, though he had felt, experienced and had been a witness of the biases in color, portrayed a perfect representation of the blacks stern personality and braveness, living with their belief that all men are created equal. The mentioned outward appearance of treatment must be expunged and totally be erased in the rationality of mankind, or rather have those antagonists be called white poisonous serpents eaten with selfish pride again (Breidlid). I and my men were treated like the invisible man himself, and I believe that no one would want to live in that kind of disposition in life. Please tell me something about the Douglass-Garrison Conflict, its nature? From the founding of the American Anti-Slavery Society in the year 1833, abolitionism has been marred by constant intra-group disagreements. Within seven years, ‘the movement split itself into two camps; one was headed by William Lloyd Garrison, while the other has been spearheaded by public personalities namely, Tappans, James G. Birney, Gerrit Smith and Joshua Leavitt. ’ However, ten years after, those camp escapades, another schism occurred which eventually involved two groups which are piously clashing in perspectives with regard to the imposition of anti-slavery activities. In this point of time, the feud took place under my jurisdiction and William Lloyd Garrison’s. (Tyrone Tillery) When did you thoroughly say that you were â€Å"free† at last? My free life began sometime in September, 1838. Thus, the exultant joy resulting from this gradually fascinating status was short-lived only. In the most frustrating connotation, the moment I reached New York—just when I thought I was already away from the rage of slavery—it was surprising to realize that their power also reached the city. By then, I told myself: â€Å"no man would ever have the right to call himself slave, or assert mastery over him,† I sought refuge with the new environment where, sad as it may seem, even people same as my color would betray me over the tingle of a few dollar. (Frederick Douglass) Do you think there were also other people who suffered the same agony as that of yours? Captivating stories had been written to inspire readers instead of lingering the unfortunate fate of those who failed to survive in the war. An example for this, is a brave black American woman in the name of Fannie Lou Hamer, a woman armed with hope to eradicate a form of juxtapose deprivation against what she believed to be elements of privilege in her own very limited environment was painstakingly given to her and of her family, an implication which states that Black Americans do not allow themselves to be treated like slaves by others (Lee). Along with her bravery as indulged by other authors were The Scottsboro Boys, Joe Louis, Richard Wright and Sterling Brown. When the war has commenced, ‘children and women had to leave their homes for safety and let their fathers or any man in their family risk their lives to battle’. Guns and explosives were seen everywhere. The flag was raised symbolizing that they are ready to face the doom of death. Children were ranting and women were hearing voices. They became afraid of coming out. (Lee, p. 56) What would be your last words for the raging experience that you have had before? It was not easy; it was facing death while being alive. It seemed as if we were to lose everything that we have worked for, everything that we have sown for our children, and for the coming generations of our offspring. Our ‘economy became stagnant’, and serenity was about to be crushed into pieces. But it was a fire, ignited with hope’s flame. It was to shed blood or to be slaves; to remain free or to be chained. I now serve as a living legacy to those who enjoy the freedom the mighty indigent heroes have fought for. (Chesebrough, p. 49) Works Cited Breidlid, A. American Culture: Texts on Civilization. 1st ed. New York: Routledge, 1996. Chesebrough, David B. Frederick Douglass: Oratory from Slavery. Westport, CT: Greenwood Press, 1998. Douglass, Frederick. Narrative of the Life of Frederick Douglass. New York: Prestwick House Inc. , 2004.

Crime Causation and Diversion Paper

Crime Causation and Diversion Paper University of Phoenix Online Juvenile Justice Systems and Processes CJA/473 LeDetra Jones October 01, 2012 Crime Causation and Diversion Paper Today the public became more concern about youth crime rising within the community. The public also believes that some of juvenile delinquents do not belong behind bars whereas others do. In the concern of the juveniles who do not belong behind bars the public started creating community outreach programs, intervention, and prevention programs.These programs create an environment for the youth to understand the consequences of their actions, responsibility, and help. This paper will be examining two juvenile diversions, interventions, and prevention programs, which are Island Girl Power and Inafa' Maolek. The following will be addressed in the paper: How do they work to reduce juvenile crime (Based on analysis). Programs major goals, objectives, and core beliefs? Who are the key participants? Services provide d?Which program is most effective at reducing crime and why? How programs reduce juvenile crime and major goal, objectives, and core beliefs The Inafa'Maolek is Guam's only organization that dedicates exclusively to peacemaking, especially in settling disputes such as mediation, restorative justice, and conflict resolution training of all ages (Inafa'Maolek, 2010). The trainings conducted by Inafa'Maolek helps establish peer mediation programs in more than 30 public schools ranging from elementary to high schools.These special programs currently in schools include Date Rape Workshops, Bullying Workshops, and Hate Crimes Workshops. The organization provides programs to all sectors in the community, including senior citizens (Manamko) as well as DYA families. The heart and souls of its work focuses on mediating conflicts, many referred by Superior Court Judges (Inafa'Maolek). Island Girl Power is a program on Guam that works to Empower, Encourage, and Inspire young ladies to make posi tive lifestyle choices. This program believes that if the island works together to empower, ncourage, and inspire the young ladies of Guam to make a positive lifestyle choice by promoting positive male and female role models it helps to prevent the abuse and neglect in the families for generations to come (Blaz, 2009). Island Girl Power is a local program, taken, and expanded from a national program Girl Power. Its prevention program focuses on offering young ladies a variety of classes, activities in hopes of expanding their goals. It is a safe place where people can volunteer at their leisure and is expanding into the community through volunteers and center willing to offer classes (Blas, 2009).This program is a clubhouse more like and located in Dededo, GU. Their hours of operations are from Monday through Friday 8a. m. -5p. m. , and Saturdays 9a. m. -3p. m. This clubhouse offers many activities such as dancing, self-defense, and big sister club, etc. The reason this club focuses on young ladies is that it helps them to gain self pride, become wiser, and make smarter choices in life. Young ladies are usually self conscious about themselves and rebellious than males. They are more vulnerable to the outside world once they step into it.While the two organizations/clubs works in many ways of preventing and interventions juvenile delinquency, here are the clubs/organizations major goals, objectives, and core beliefs of what it can provide for the community as well as juveniles. The mission statement for the Inafa'Maolek is a conflict resolution organization dedicated to reducing violence related litigations and foster peace and harmony in schools, Workplaces, and communities (Inafa'Maolek, 2009). The vision statement for the Inafa'Maolek is that it will enhance peacemaking and reduce violence related litigation through advocacy, mediation, and education (Inafa'Maolek, 2009).The mission statement for the Island Girl power is that we want the girls to know just h ow special they are here at Island Girl Power! We believe that each girl can create a positive change in her life. If every girl makes it her goal to do her best, how can go wrong? We want to give girls ages seven to 14 a safe and enjoyable place to learn and play (Blas, 2010). By making the girls wiser to the world around them girls will make smarter choices in life- and maybe even help a friend. By accepting all girls, regardless of the income or status, we help bridge the gap between the haves and the have-nots (Blas, 2010).When a girl joins a club it means so much to them, the acceptance, and the pride they feel when they are part of a group is irreplaceable. We as an organization help girls understand the importance of community service by showing them the example of the wonderful people who volunteer to create a place just for them (Blas, 2010). The clubhouse goal is to decrease the incidence of teenage pregnancy, suicide, sexual, and substance abuse. These problems are the mo st serious challenges facing our girls today. We know that we cannot change the island overnight, but we can make it better -One girl at a time! Blas, 2010). The two organizations help juvenile delinquents/youths in the community to improve themselves to make wiser decisions and to give a sense of direction to where they should be in the future. Knowing that the organizations/clubs are do their best to provide the community with the proper services to help the children to become better helps the people to get over that there are other outlets for their teens. With major goals, objectives, and core beliefs here are the key participants of the programs and the services the programs provide.The key participants of these programs and services provided The key participants of these programs are teens in intervention, juvenile delinquents, teens in prevention (joining so they do not commit the crime), and teen volunteers. These key participants help the organizations to better understand teens nowadays. Juvenile delinquents in the early days probably have committed more serious crimes than teens today. There was not enough services provided to the teen besides, juvenile correction facilities. The community is very limited on the help needed for their children, and some are forced to look elsewhere that type of help.Because the key participants are teens whether trouble or just interested in the program, there are services that the programs for them. The services that Inafa'Maolek provides are one, peace theater- where teens perform a situation and how to bring instead of conflict. Second, mediation- where two parties meet privately to work out a solution. Third, restorative justice- RJ sessions provide a context within which people can take responsibility for their actions, restitution are made to victims, offenders are reintegrated, and harmony are restored to a community. Fourth, conflict coaching (Inafa'Maolek, 2009).These are the main services that this program provides, other services include; volunteering in schools, socializing with other teens, restore the community, and helping others who need help. The services that Island Girl Power provides are encouraging girls on their personalities, social skills, looks, and abilities to please other rather than develop their own interests and aspirations. Island style dance classes so that they can learn about who they are and where they come from. Self-defense classes so that young ladies have that skill to protect themselves or another against harm.Occasional classes in Gef Pago as well as the big sister service where an older girl will help guide the younger ones. Of the services provided by the two programs the most effective program to reduce juvenile crime would be Inafa'Maolek. Most effective program The reason for this decision is the Inafa'Maolek provides services and outcomes used to for schools and became very popular to teens, the government, other programs. It also provides more se rvices than other treatment programs or organizations on the island. There are no other program that provides these services than Inafa'Maolek.It has shown that when teens take these sessions it guides them into becoming better person not only them but for his or her families. Conclusion In conclusion, as the community starts to see more troubled teens/delinquents these organizations/programs are ready to fight these behaviors to make them a better person. These programs were created to help the children because they are the future leaders and so forth. By understanding what drives them to commit these crimes is a mystery and why these programs try to bring all teens and their families to help one another.

Mitten Manufacturing Ltd

Generally, mergers occur for the purpose of improving financial performance or shareholders – making the likelihood of this potential merger ideal. Angela has offered to sell ML to John for the book value of equity, based on the 2014 year. MUMS financial Statements are in accordance with FIRS. John has asked for our help as professional accountants with the firm of Label and Liana ALP (L&L) to assist in determining an estimate of the purchase price. In order to do so we must first address the accounting issues with Mil's current financial statements.It should be noted that Mil's financial statements were prepared for internal purposes and have not been audited. John will want Mil's financial statements to be accurate before agreeing to Angel's suggested purchase price so that he is not overpaying. He will also want accurate financial statements to accurately determine Mil's debt/equity ratio, going concern, and other important ratios/factors. Angela may be biased towards keepi ng her current balance sheet numbers as they most likely overvalue assets and undervalue liabilities, making the sale of her ownership a better deal for her, but not necessarily a better deal for John.As John's accountants we must approach this conservatively in order to ensure that he is not overpaying for the company, focusing primarily on the book value of equity which is to be the selling price. Analysis and Recommendations Issue: $500,000 loss ML experienced a loss of $500,000 during the year which could be due to problems with operations or Accounts Receivable collection. This may have encouraged Angela to bias the numbers to make ML look better to potential buyers. This loss should be kept in mind when reviewing the following issues.While this is a one-time event, working capital, inventory turnover, and debt ratios should be considered when determining the company's future sustainability. This loss will decrease or has decreased shareholders equity by $500,000. The loss may be a positive for John as he will be able to carry forward the loss to a positive net income in the next twenty years, which can potentially reduce Mil's future taxable income. Should John decide to carry forward this loss, the journal entry should kick like the following: 1) Dry. Deferred tax asset 500,000 Cry.Income tax benefit Issue: How to account for the new lease agreement Capital Lease Operating Lease Under FIRS, one of four classification criteria must be met in order to be lassie as a Capital Lease: 1) Reasonably assured that ownership will transfer to lessee at end of lease term 2) Lessee gets substantially all economic benefits from using the leased asset over the lease term 3) Lesser recovers substantially all investment, and earns a rate of return 4) Leased asset is specialized and can only be used by lessee According to the terms of Mil's new lease agreement: 1) Yes, under the assumption that the Bargain Purchase Option of $4,500 will be exercised 2) No, lessee only us es 50% of economic life – not considered substantial as there is still 50% of its life left for economic benefits to be aimed 3) Yes, because the IV of Minimum Lease Payments (where 1=9%, N=5, and is equal to $88,000, which is 100% of the IV of the asset at January 1 , 2014 4) NINA.Information was not provided to answer this The lease meets both the first and third classification criteria Capital Leases must record the asset and liability, depreciation of the asset, and interest expense following the effective interest method Under FIRS, one will account for a lease as operating if the risk and benefits of ownership of the leased asset are not transferred to the lessee If a lease does not meet any of the criteria necessary for a Capital Lease, then it will be ported as an Operating Lease Operating Leases are accounted for as a rental expense After considering the two alternatives, it is clear that the new lease agreement must be recorded in Mil's books as a Capital Lease. Thi s is due to two of the four Capital Lease classification criteria being met, which do not allow for the company to record it as an Operating Lease. The following journal entries should have been entered throughout 2014: 01/01/14: 1) Dry. Lease Equipment Obligation 88,000 88,000 2) or. Lease Obligation Cry. Lease 24,066. 26 Cry. Cash 12/31/14: 3) Dry. Interest Expense 3,057. 02 4) Dry. Amortization Expense Cry. Accumulated Amortization 3,057. 02 Cry.Interest payable 4,400 While there are more incentives to classifying a lease as operating such as tax incentives, higher return on asset, and better solvency ratios, the lease must be classified as a Capital Lease so as to stay in accordance with FIRS. However, a Capital Lease does provide a company with a higher operating cash flow, and reduces Net Income, which potentially reduces income taxes. A lower Net Income will result in a lower shareholder's equity. Issue: Entries to reflect changes in the plan asset and liability for current y ear FIRS ASPS FIRS requires that the same discount rate is used for plan asset and liability and the immediate recognition approach must be used.Therefore, using the Projected Benefit Obligation method, and using a 10% discount rate, the Plan Liability would be: $ 694,969 + 35,000 + 69,497 – 40,000 = $759,466 And the Plan Asset, using the 10% actual return on plan assets, would be: $ 525,000 + 52,500 = $537,500 Making the Defined Benefit Obligation: $ 537,500 – 759,466 ($221,966) The Pension Expense: $ 35,000 – 52,500 = $ 51 ,997 And the Net Defined Benefit Liability: – (169,969) = ($ 51 ,997) ASPS allows for either the immediate recognition approach or the deferral and amortization approach ASPS also allows for the expected return on plan assets to be different from the discount rate used for the Accrued Benefit Obligation No calculations are necessary for the ASPS alternative of this issue, as they would not be in accordance with FIRS with which ML must follow. Therefore, in accordance with FIRS, we will account for the changes in the plan asset and liability as stated above.Please note that the Accrued Benefit Obligation (ABA) will be referred to as the Defined Benefit Obligation (DB), s we are working under FIRS rather than ASPS. Following the restriction that the same discount rate (1 0% in this case) be used for both plan asset and liability, the following journal entries should be made to account for the changes for the current year: 12/31/14: 1) Dry. Pension Expense Cry. Net Defined Benefit Liability 51,997 51 ,997 This increase in Net Defined Liability will decrease Shareholder's Equity. Issue: Depreciation of Capital Assets The depreciation of capital assets must be taken out of the provision for income taxes included in the financial statements for the current period.This depreciation is to be included in taxable income, not accounting income and will incorrectly state Mil's provision for income taxes if not removed. The CA amount needed to be removed is equal to x 30% $1 this amount will be deducted from the taxable income. The removal of $1 from the provision for income taxes will increase net income, subsequently increasing shareholders equity. Issue: How to account for the Super Shopper Account Receivable Estimate Unconvertible Receivables Writing Off Accounts Receivable There are two methods to estimate unconvertible receivables: 1) Balance Sheet Method – uses past collection experiences to estimate unconvertible amounts.ML could estimate the amount required for Allowance for Doubtful Accounts as a percentage of the balance in Accounts Receivable. Using an aged receivables analysis, ML could forecast a percentage of estimated unconvertible Accounts Receivables accounts over 90 days old. The journal entry would look similar to the following: Dry. Bad Debts Expense Cry. Allowance for Doubtful Accounts xx 2) Income Statement Method – estimates cost of bad debts as a percentage of Sal es. Mil's journal entry using this method would look the same as the Balance Sheet Method journal entry. If ML determines Super Shoppers account specifically to be unconvertible, they may use the Allowance Method for writing off accounts.The following journal entry would be made: Dry. Allowance for Doubtful Cry. Accounts Receivable -? Super Shopper Should the payment be received after the write – off, the account can be reinstated using the following journal entries: 1) Dry. Accounts Receivable 2) Dry. Cash Cry. Accounts Receivable If the amount is immaterial, ML may also use the Direct Write – Off Method, where no allowance account is used. The journal entry would be as follows: or. Bad Debt Expense Due to the age of Accounts Receivable -? Super Shopper (90 days old) and the financial difficulties that Super Shopper is currently facing, it is unlikely that the account will be paid off and should there for be written off.ML should follow the Allowance Method of writing off journal entries stated above to record the write – off of the Accounts Receivable. This method would be preferred as it allows for the account to be restated should Super Shopper pay off their debt. The Direct Write -? Off Method would not suffice for this account as the amount of $200,000 is not considered immaterial. This Bad Debt Expense needs to be considered as it will impact Mil's assets, and an increase in bad debts is a decrease in the value of the firm (shareholders equity) of the firm for John. This might not be as substantial to consider should ML have already had a bad debt reserve, meaning that the net income would not have been so greatly affected.Issue: How to account for the Tech Outerwear Lawsuit Recognize lawsuit as a provision Recognize lawsuit as a contingent liability Under FIRS, ML should recognize the lawsuit as a provision if: 1) The company has a present legal obligation as a result of a past event 2) It is rabble – â€Å"more likely than not† – that an outflow of resources will be required to settle the obligation 3) A reliable estimate can be made of the amount of the obligation If the lawsuit meets these conditions, it should be recognized in the financial statements Under FIRS, ML should recognize the lawsuit as a contingent liability if either: 1) There is a possible legal obligation as a result of a past event, which will be confirmed on the occurrence of an uncertain future event, not within the reporting individual's control; or 2) There is a legal obligation from past events, which is not recognized as it is to probable that an outflow of resources will be required to settle the obligation or a reliable estimate cannot be made of the amount of the obligation If the lawsuit meets these conditions, it should be disclosed in the notes of the financial statements. The notes should include the following: 1) Estimate of its financial effect 2) Uncertainties related to the amount and timing of any out flow of resources 3) Possibility of any an outflow of resources The lawsuit by Tech Outerwear for patent infringement has not been properly assessed by Mil's lawyers yet, and therefore they have not determined the likelihood of losing the suit. This information allows us to determine that at this time the lawsuit should be recognized as a contingent liability in accordance with FIRS, as we are unable to meet the conditions to recognize it as a provision on the financial statements.This lawsuit meets the criteria that there is a possible legal obligation that cannot be confirmed until Mil's lawyers assess the lawsuit, and the probability of the outflow of resources and a reliable estimate of the obligation cannot be made. The numbers ($200,000 to $700,000) on past lawsuit settlements are not reliable information. The required disclosed notes stated above should be included in he financial statements. Determining the probability of the lawsuit and the estimated loss should be complete d as soon as possible, as a loss could result in a going concern policy. This information will be very important to John as the company has already experienced a loss of $500,000 during the year. This note has no effect on equity; only when the lawsuit is official will it have an effect on equity.Issue: Retractable Preferred Shares ML also has $50,000 of retractable preferred shares included in their capital stock. These shares a retractable if there is a change in the ownership of cuisines. This will be of concern to John, as the $500,000 loss incurred during the year does not leave the company with the funds available to pay the shareholders should they decide to sell their shares; John must consider day to – day cash requirements for the company's expenditures that are not included in current liabilities. While it was not stated, which might have been done on purpose by ML, it is unclear if dividends were declared during the year for the preferred shares, which may affect John's decision greatly.Cash dividends should not have been declared unless the current and future uncial position justify it; the current loss of $500,000 does not suggest that they should have declared any. Cash dividends would have reduced shareholder's equity. If stock dividends were distributed, then there would have been no effect on the balance of shareholder's equity. On the other hand, non -? payment of dividends can also affect the company as the preferred shareholders may choose to sell their shares if they stop receiving dividends; receiving dividends is usually what attracts investors to preferred stock. John should examine the debt/equity ratio to determine if these referred shares were issued because the ratio became too high and they wanted the company to look more desirable to investors and buyers.Issue: Accounting for Employee Stock Options Recognizing stock options While Compensatory Stock Option plans (COOP) do not involve a transfer of cash when first issued, th ey still must be recognizes in the financial statements and measured at fair value Coops are usually given instead of salary or a bonus, and the economic value lies in the prospective future gains when the options are exercised The Compensation Expense will be recognized as the services are being provided by the employees. Therefore, Total compensation expense is calculated on the day the options are granted and is equal to the fair value of the options. The first journal entry for Mil's stock options should look like the following: 1 2/31 /14: 1) Dry. Compensation Expense XX,XX Cry. Contributed Surplus – Stock Options XX,XX If/when the options are exercised, ML should record the entry as such: XX/XX/1 5: 2) or. Cash XX,XX Dry. Contributed Surplus – Stock Options CALYX Cry.Common Shares XX,XX If the options expire by the end of the three years, then the journal entries for the remaining balance should be the following: 3) Dry. Contributed Surplus – Stock Options Contributed Surplus – Expired Stock Options XX,XX cry. XX,XX Mil's disclosures on the stock options should include the following: 1) Accounting policy 2) Description of plan 3) Details on numbers and values Of options issued, exercised, and expired 4) Assumptions and methods used to determine fair values 5) Total Compensation Expense and Contributed Surplus The recognition of these stock options is required under both ASPS and FIRS, and ML has no option but to record them as such.The first journal entry that records the total Compensation Expense and Contributed Surplus must be made in order for ML to have accurate financial statements. The following journal entries are to be used in the future when options are exercised or expired. As no further information on dates and values were provided, the reporting individual is not able to provide completely finished journal entries. The Compensation Expense will lower the net income, which will subsequently lower shareholder's equi ty. As well, if there is a large amount of option redemption's, this will cause the share price to quickly drop. Investors who sell their shares during this time will incur capital losses, and these losses may be carried forward to reduce tax liabilities.