05 11 On June 30, 2021, Fly By Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly By Night to make 20 annual payments of $1,200,000 on each June 30. Generally accepted accounting principles require this lease to be recorded as a liability for the present value of scheduled payments. Assume that a 7% interest rate properly reflects the time value of money in this situation. EVLSI ELS EVADES1 PVA of S1 EVAD of S1 and EVAD OLS) (Use appropriate factor(s) from the tables provided.) Required: 1. At what amount should Fly-By Night record the lease 30, 2022? 2. At what amount should Fly By Night record the lease first payment will be made on June 30, 2021 ability on June 30, 2021, assuming that the first payment will be made on June ability on June 30, 2021, before any payments are made, assuming that the Complete this question by entering your answers in the tabs below. Required 1 Repared 2 At what amount should Fly By Night record the lease liability on June 30, 2021, assuming that the first payment will be made un June 30, 2022 Oound your final answers to nearest whole dollar amount. Table or catulator funcion Payment IV 60020211 Help Save & Exit Subm Check my work