The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 107,500 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $64.50 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.)

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2. & 3. Record the advance collection of $64.50 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 answer in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).)

Season ticket Individual game ticket