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 105,000 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $110.25 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) Per season ticket Per individual game ticket 2. & 3. Record the advance collection of $110.25 million in ticket sales and the revenue earned 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 answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet Record the advance collection in ticket sales. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. & 3. Record the advance collection of $110.25 million in ticket sales and the revenue earned 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 answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet Record the revenue recognized after the first home game is completed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal