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Analyzing Unearned Revenue Liabilities The Lyric Opera of Chicago was founded in 1954 and is widely regarded as one of the world's greatest opera companies. Each year, The Lyric has an eight-opera season that extends from September to March, and its loyal subscribers (numbering more than 30,000) eagerly reserve their seats for coming performances. In fact, many subscribers purchase their tickets for the upcoming year before the close of The Lyric's fiscal year. For these ticket purchases, The Lyric recognizes a liability entitled Deferred Ticket and Other Revenue and defined in its footnotes as "Deferred ticket 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 ($ thousands). Assume that the "Other" portion of deferred revenue is negligible Fiscal year ended 2014 2013 2012 2011 Ticket Sales (Revenue) $28,878 26,671 25,030 23,775 Deferred Ticket & Other Revenue (Year-end Liability) 13,750 14,525 12,638 12,711