How do you answer a, b, and c?

Analyzing Unearned Revenue Liabilities The Lyric Opera of Chicago was founded in 1954 and is widely regarded as one of greatest opera companies. Each year, The Lyric has an E6-40. World's eight-opera season that extends from mber to March, and its loyal subscribers (numbering more than 30,000) eagerly reservht ming performances. In fact, many subscribers purchase their tickets for the pcoming year before the close of The Lyric's fiscal year. For these ticket purchases, The Lyric recognizes liability entitled Deferred Ticket and Other Revenue and defined in its footnotes as "Deferred tidkes revenue relates to ticket sales for the following opera season. Information about The Lyric Opera's ticket revenue and deferred ticket revenue liability is given below (S thousands). Assume that the "Other" portion of deferred revenue is negligible. Deferred Ticket and Other Revenue (Year-end Liability) $13,750 14,525 12,638 12,711 Ticket Sales (Revenue) Fiscal year ended 2014 2013 2012 2011.. $28,878 26,671 25,030 23,775 What revenue recognition principle(s) drive The Lyric's deferral of advance ticket purchases? Recreate the summary journal entries to recognize ticket sales revenue for The Lyric's fiscal year 2014 and advance sales for the fiscal year 2015 season a. b. c. The Lyric Opera's season changes every year, with a mixture of classical and contemporary operas. At generated by season the end of each fiscal year, management of The Lyric can observe the revenue the season just concluded and also its subscribers' enthusiasm for the upcoming . How might that information be used in managing the organization