Jane and walt form yellow corporation. jane transfers equipment worth $950,000 (basis of $200,000) and cash of $50,000 to yellow corporation for 50% of its stock. walt transfers a building and land worth $1,050,000 (basis of $400,000) for 50% of yellow's stock and $50,000 in cash. a.jane recognizes no gain; walt recognizes a gain of $50,000.b. jane recognizes a gain of $50,000; walt recognizes no gain. c.neither jane nor walt recognizes gain. d.jane recognizes a gain of $750,000; walt recognizes a gain of $650,000.e. none of the above.

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?