3) Required information 1) Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. 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. Ski West expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31. [The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: On November 6, 2021, Jake Lawson purchased season pass for $450. Required: 2023 $2,200,000 1. When should Ski West recognize revenue from the sale of its season passes? 2. Prepare the appropriate journal entries that Ski West would record on November 6 and December 31. 3. What will be included in the Ski West 2021 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400, 800 5,600,000 2,800,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 4,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion For one record the cash collection and record the recognition of revenue earned in december. for three see belon Amount Amount included in remaining balance in Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete but not entirely correct. 2) On March 1, 2021, Gold Examiner receives $147.000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Revenue Gross profit (loss) 2021 $ 3,000,000 420,000 $ 2022 2023 4,700,000 X $ 2,300,000 X 658,000 $ 124,200 4) Required information Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1. {The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 2023 $2,400,000 $3,600,080 $2,200,000 5,600,000 2,000,000 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 How many performance obligations are in this contract? Number of performance obligations Westgate recognizes revenue over time according to percentage of completion For request 2 to 4: Record the receipt of cash by Gold Examiner, Record any necessary entry when Brink's has picked up the gold bars from Gold Examiner, Record any necessary entry upon delivery of the gold bars to the bank. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred)