Question# 1: Disney world operates a theme park in Orlando, Florida. An all-day family (family of four) pass to the theme park can be purchased for $200. Adult customers also can purchase a season pass that entitles the pass holder to enter the park any day during the season, which typically runs from June 1 through December 31st. Disney World expects its season pass holders to use their passes equally throughout the season. The company's fiscal year ends on December 31. On January 1st, year 1, John purchased a family season pass for $2000. Required: I. When should Disney World recognize revenue from the sale of its season passes? (4 points) Prepare the appropriate journal entries that Disney World would record on January st and November 30 based on the season pass purchased What will be included in the Disney World's fiscal year 1 income statement related to the sale of the family season pass to John? (4 points) 1 IlI. (4 points) IV. What will be included in the Disney World's fiscal year 1 balance sheet related to the (4 points) sale of the family season pass to John