Hi den.thed, thank you for your response. I'm more in question of the cable connections between the two. The LaserJet is an older model and the only common connectors are the Ethernet outlets. They both support 10 Base-T and I'm wondering if this connection would allow the iMAC to recognize the printer.
Yes, go to: > OS X Mountain Lion: Set up a printer and scroll down to "Add a network printer to your list of printers"
It also depends on how is your iMac currently connected to the Internet..?
If it connected wirelessly to your ISP (Internet Service Providers) Modem/Router, then check to see if it has an Ethernet port for adding more Ethernet devices like computers and printers. Optionally, you should also be able to connect the printer directly to the iMac's unused Ethernet port.
If it is connected directly to your ISP (Internet Service Providers) Modem using an Ethernet cable and there are multiple Ethernet ports on the ISP modem, then connect the printer to one of those free ports. If your ISP modem has only one Ethernet port, then you will need an aftermarket Ethernet Hub or Router and create a small local network.
If you have an aftermarket Ethernet Router (for example a Belkin, Netgear or Linksys) most have additional Ethernet ports to connect Ethernet devices like another computer or printer.
If I have totally lost you, call your ISP and ask them help you setup a small local Ethernet Network that you can add your printer to.
Thanks once again den.thed, first I'm going to try the direct connection using the ethernet ports and see if it works. The iMac is connected to the ISP modem/router wirelessly and the modem has 4 ethernet ports, but the printer is too far away to run a cable. Being the amateur that I am, at first I tried connecting with a parallel cable using a usb adapter but of course that didn't work. Anyway, I think you put me on the right track so thank you. If the direct doesn't work I'll look into the network setup, I'll let you know how it goes.