The University of Michigan football stadium, built in 1927, is the largest college stadium in...
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Accounting
The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 108,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $83.70 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.) 2. & 3. Record the advance collection of $83.70 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).)
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