OT-Mobile 11:06 PM ezto.mheducation.com E connect mer Pete Score: 4773/6l Ponts

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OT-Mobile 11:06 PM ezto.mheducation.com E connect mer Pete Score: 4773/6l Ponts 78.25% Ovestin o 5. award 4 out at 5.00 points Problem 8-5A Record deferred revenues (Lo8-4) The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 106,000 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $108.12 million in ticket sales Required: 1. What is the average price per season ticket and average price per individual game ticket sold? (Ente r your answers i n dollars, not in millions.) 2. & 3. Record the advance collection of $108.12 million in ticket sales and the revenue eaned after the first home game is completed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) 108 120,000 Prebiem 8-5A Receond Leaing Cjecv-

Explanation / Answer

Total collection is for 6 games. now we have accrue income after completion of 1 game. so accrued income will be 1/6 of total deferred revenue

1 Cash $ 108,120,000 Deferred revenue $ 108,120,000 2 Deferred revenue ($170*106,000) $    18,020,000 Sales revenue $    18,020,000

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