Vail Resorts, Inc. is an American mountain

resort company headquartered in Broomfield,

Colorado. Vail Resorts, Inc., operates a

downhill ski area near Snomass, CO. An all-

day adult lift ticket can be purchased for $85.

Adult customers also can buy a season pass

that entitles the pass holder to ski any day

during the season. The season typically runs

from December 1 to April 30. Vail Resorts, Inc.

expects its season pass holders to use their

passes equally throughout the season. Vail

Resorts, Inc's fiscal year ends on December

31. On November 6, 2024, James Smith

purchased a season pass for $445.

Required:

3. What will be included in the Vail Resorts Inc

2024 income statement and balance sheet

related to the sale of the season pass to

James Smith?