On March $13,2023,$ Live Nation $($LYV$)$ announced that it would be the exclusive producer of Drake's It's a Blur tour, a series of $23$ North American concerts that kicked off at the Smoothie King Center in New Orleans on June $16,2023$ and concluded at the Desert Diamond Arena in Glendale, AZ on September $5,2023.$ This link provides LYV$\text{'}$s press release describing the tour and schedule:

Drake announces the $2023$ It's All a Blur tourLinks to an external site.

Assume that all ticket sales for It's a Blur$$were for cash and made exclusively through LYV$$s ticketing subsidiaries. Also, assume that the tour was so popular that all of the tour's concerts quickly sold out by March $31,$ the end of the first quarter of $2023.$ Note that LVY was the tour's exclusive sponsor and thus the "primary obligor" for accounting purposes. When LYV is a tour's primary obligor, it must recognize revenue when it delivers the concerts, not when it collects cash from ticket sales.

Chose from the list below the balance sheet equation effect that results from each of the following transactions$/$events$.$

LYV is a calendar year reporter, i$.$e$.,$ it's fiscal year ends on December $31.$ In answering the questions below, it will be helpful to recall that the fiscal quarter end dates for calendar year reporters are: Q$1,$ March $31$; Q$2,$ June $30$; Q$3,$ September $30$; and Q$4,$ December $31.$

$1)$ What was the effect of ticket sales for It's a Blur in LYV$$s Q$1-23$ financial statements, specifically, on the balance sheet dated March $31,2023?$

Group of answer choices

Increase in assets, increase in liabilities

Increase in assets, increase in shareholders' equity

Increase in assets, decrease in assets

Decrease in assets, decrease in liabilities

Decrease in assets and liabilities, increase in shareholders' equity

Decrease in assets, decrease in shareholders' equity

Increase in liabilities, decrease in shareholders' equity

Decrease in liabilities, increase in shareholders' equity

None of these

$$

Flag question: Question $6$

Question $64$ pts

Drake performed at the Bridgestone Arena in Nashville as scheduled. How were ticket sales for this concert reflected in LYV$$s Q$2-23$ financial statements?$$

Group of answer choices

Increase in assets, increase in liabilities

Increase in assets, increase in shareholders' equity

Increase in assets, decrease in assets

Decrease in assets, decrease in liabilities

Decrease in assets and liabilities, increase in shareholders' equity

Decrease in assets, decrease in shareholders' equity

Increase in liabilities, decrease in shareholders' equity

Decrease in liabilities, increase in shareholders' equity

None of these