Analyzing Unearned Revenue Liabilities (FSET) The Metropolitan Opera Association, Inc., was founded in 1883 and is widely regarded as one of the world's greatest opera companies. The Metropolitan's performances run from September to May, and the season may consist of more than two dozen different operas. Many of the opera's loyal subscribers purchase tickets for the upcoming season prior to the end of the opera's fiscal year-end atJuly 31. In its annual report, the Metropolitan recognizes a Deferred Revenue liability that is defined in their disclosure notes as follows: \"Advance ticket sales, representing the receipt of payments for ticket sales for the next opera season, are reported as deferred revenue in the consolidated balance sheets." Ticket sales are recognized as box office revenue \"on a specific performance basis.\" Revenues Fiscal Year Endedjuly 31 (Box Office and Tours) Deferred Revenue 2019 $238,151 $117,902 2018 242,726 138,922 2017 247,839 119,417 2016 245,230 130,505 Report (1) ticket sales revenue (box office and tours) for the fiscal year 2019 and (2) advance sales for the fiscal year 2020 season using the financial statement effects template, (Assume that advance ticket sales extend no further than the next year's opera season.) Note: Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Transaction = Liabilities + NetAssets Revenues - Expenses = Netlncome (1 ) Sales revenue for fiscal year 2019, (2) Advance sales for fiscal year 2020