1. The Golden Goals, a professional soccer team, prepares financial statements on a monthly basis. The soccer season begins in May, but in April the team engaged in the following transactions:
a. Paid $1,200,000 to the municipal stadium as advance rent for use of the facilities for the five-month period from May 1 through September 30. This payment was initially recorded as Prepaid Rent.
b. Collected $4,500,000 cash from the sale of season tickets for the teamâ€TMs home games. The entire amount was initially recorded as Unearned Ticket Revenue. During the month of May, the Golden Goals played several home games at which $148,800 of the season tickets sold in April were used by fans.
Prepare the two adjusting entries required on May 31.