Buyer jim agreed to a 20-day window to get a survey done. a number of problems have occurred and after 20 days from the signed contract date, buyer jim has yet to have a survey completed. what is now the status of the sales contract? a. a hold will be put on the contract, until a survey is completed. b. jim has defaulted on his contract. c. the seller must now order a property survey. d. a new contract must now be written for the sale to proceed.

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. 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. the season pass is nontransferable, and the $450 price is nonrefundable. alpine 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, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?