Consider the following four CP investors: (1) Series A: $5M APP (and 2X liquidation preference) or converts to 5M shares;
(2) Series B: $10M APP or converts to 8M shares;
(3) Series C: $10M APP or converts to 5M shares;
(4) Series D: $5M APP or converts to 10M shares.
In addition to these investors, the founders hold 10M shares of common.
(a) Find the conversion order for these investors.
(b) Find the conversion conditions for these investors.
(c) Draw and read the exit diagrams following the Series D investment.
(d) Assume that total valuation is $50M. Compute the LP valuation for each series.

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?