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Highlife Ski Resort in Colorado sells a season pass to Larry Werner on October 15....

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Accounting

Highlife Ski Resort in Colorado sells a season pass to Larry Werner on October 15. Highlife usually opens its season just after Thanksgiving and stays open until approximately April 30. Required: Identify the performance obligation(s) and the timing of revenue recognition of each. Explain whether the revenue should be recognized over time or at a point in time.

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