For Each Independent Situation

question 52

Essay

For each independent situation:
1. A former employee of Melvin Minimarket Inc. sued the company for $900,000, alleging that the company owner sexually harassed her. Melvin's lawyers suggest that the lawsuit has a 30-40% probability of success and that, if successful, the plaintiff will be awarded between $400,000 and $500,000.
2. Leduc Pyrotechnics Ltd. received a $15,000 fee to guarantee the $800,000 bank indebtedness of Kenora Fireworks Inc. The fair value of the guarantee is initially estimated to be $15,000.
3. Montomery Syringes Co. sued a competitor for $800,000, alleging corporate espionage. Montomery's legal counsel believes that the company will be successful and will be awarded somewhere in the range of $650,000 to $800,000.
Required:
Describe how the event should be dealt with in the financial statements and explain why. Prepare all required journal entries.

Know methods to narrow down search results to find relevant legal documents.

Understand how to verify the legal standing of a case using Authority Check or Shepard's.

Learn tips for effectively conducting online research, including medical and legal.

Be aware of the services and benefits provided by public government websites for legal research.

---

Definitions:

Societal Stereotyping

Oversimplified or generalized beliefs about a group of people that ignore individual differences and complexities.

LGBT People

Individuals who identify as lesbian, gay, bisexual, transgender, and others, representing a diversity of sexual orientations and gender identities.

Heterosexists

Individuals or practices that promote the belief that heterosexuality is superior or more desirable than other sexual orientations, often marginalizing LGBTQ+ individuals.

Transference

A psychoanalytical concept where a client unconsciously redirects feelings and attitudes from a past relationship onto a therapist.