The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 110,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $86.19 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.)

Season ticket Individual game ticket 2. & 3. Record the advance collection of S86.19 million in ticket sales and the revenue earned after the first home game is completed. (If no entry is required for a transactionlevent, 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).) View transaction list ournal entry worksheet Record the advance collection in ticket sales. Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the revenue earned after the first home game is completed. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal