Sarah’s marketing team was beginning the process of developing a new product to expand their current product line and/or mix. At her very first meeting, she had the team write on the board their objectives within the marketing department, the business unit, and corporation, the characteristics they’d like their new product to have its role within the current marketing offerings, and the target market they would be targeting. This indicates that Sarah and her team were at the stage of the new product development process.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?