Ski West, Incorporated, 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. On November 6, 2024, Ski West sells a season pass to Jake Lawson for $450. Required: 1. When should Ski West recognize revenue from the sale of its season passes? 2. What are the financial statement effects from the sale of the season pass on November 6, 2024? 3. What will be included in Ski West's 2024 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 are the financial statement effects from the sale of the season pass on November 6, 2024? Assets Balance Sheet Liabilities Income Statement Common Stock Stockholders' Equity Retained Earnings Revenues Expenses Net Income < Required 1 Required 3 >