The University of Nebraska football stadium is the third largest city in the state of Nebraska on game days. The stadium has sold out every game since the late 1960s. The seating capacity is about 80,000 fans. Assume the stadium sells out all six home games before the season begins, and the athletic department collects $38.4 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold?2. Record the advance collection of $38.4 million in ticket sales.3. Record the revenue recognized after the first home game is completed.
What will be an ideal response?
Requirement 1
= $480 per season ticket
= $80 per individual game ticket
Requirement 2
| Cash | 38,400,000 | ? |
| Deferred Revenue | ? | 38,400,000 |
Requirement 3
| Deferred Revenue | 6,400,000 | ? |
| Sales Revenue ($38,400,000/6) | ? | 6,400,000 |
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