Suppose the gold spot price is $300/oz., the 1-year forward price is $310.686, and the continuously compounded risk-free rate is 5%. in class, we neglect the convenience yield for gold. in reality gold can may be lent and borrowed. some entities operating in the wholesale gold market do lend gold and earn interest on such transactions. to sum up, there is a convenience yield for gold and it takes the name of "lease rate". (a) what is the lease rate? (b) what is the return on a cash-and-carry if you cannot loan out the gold (i. e. you do not have access to the wholesale gold market)? (c) what is the return on a cash-and-carry if you do loan out the gold, earning the lease rate?

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?