Exercise 5-2 Service revenue [LO5-3] Ski West Inc, operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $70. Adult December t through Apri 30 Ski West expects its season pass holders to use their passes equally throughout the season. The customers also can purchase a season pass that entities the pass holder to ski any day during the season, which typically runs from company's fiscal year ends on December 31 On November 6, 2018, Jake Lawson purchased a season pass for $370 Required: 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 2018 income statement and balance sheet related to the sale of the season pass to Jake Lawson? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What will be included in the Ski West 2018 income statement and balance sheet related to the sale of the season pass to Jake Lawson