The Anaheim park was an <u>instant success</u>, which Walt Disney Company replicated in Florida and Tokyo but failed to export to Paris, France.
The failure of Disney Paris was the result of a misunderstanding of the cultural peculiarities of the French. Some Frenchmen described the introduction of Disney Paris as <em>"a cultural Chernobyl" and "a symbol of American cliches and consumer society."</em>
Despite the envisaged 30,000 jobs that Disney Paris was to create and the demographic centrality of Paris in Europe, the diversification in Europe flopped.
Thus, Disney's misadventure in Europe became a short-lived and disastrous dream for the Walt Disney Company because of cultural misunderstanding.
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Answer:
Debit Insurance expense $12,000
Credit Prepaid Insurance $12,000
Explanation:
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
Credit Prepaid Insurance
Monthly insurance expense
= 1/24 * $96,000
= $4,000
Between October 1 and December 31 is 3 months
Total insurance expense = 3 * $4,000
= $12,000
