You are considering an investment in cruise, inc. and want to evaluate the firm's free cash flow. from the income statement, you see that cruise earned an ebit of $206 million, paid taxes of $47 million, and its depreciation expense was $71 million. cruise's gross fixed assets increased by $74 million from 2007 to 2008. the firm's current assets decreased by $14 million and spontaneous current liabilities increased by $6.4 million. what is cruise's operating cash flow, investment in operating capital and free cash flow for 2008, respectively in millions?

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?