9 Check my work On June 30, 2021 Fly By Night Airlines leased a jumbo jet from Boeing Corporation. The terms of release require y By Night to make 20 annual payments of $400.000 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 arestate property reflects the time value of money in this situation (EV01. PV of $1 EVA of S1 PVA SI EVADES1 and PVAD 53 (Use appropriate factors from the tables provided) Required: 1. At what amount should Fly-By-Nightrecord the lease by on June 30, 2021 assuming that the first payment will be made on June 30, 20222 2. At what amount should Fly By Night record the lease aty on June 30.2021 before any payments are made assuming that the first payment will be made on June 30, 20212 Book Print Complete this question by entering your answers in the tabs below. Required 1 Required 2 At what amount should Fly-By Night record the lease ability on June 30, 2021, assuming that the first payment will be made on June 30, 2022? (Round your final answers to nearest whole dollar amount.) Table or calculator function Payment p. 6/30/2021 Required 2 > Q o BI 7 PM 10/22/2020 DIE do Poup ES E R. D F G . K B NM 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 $400,000 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. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. At what amount should Fly-By-Night record the lease liability on June 30, 2021, assuming that the first payment will be made on June 30, 2022 2. At what amount should Fly-By-Night record the lease liability on June 30, 2021, before any payments are made, assuming that the first payment will be made on June 30, 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 At what amount should Fly-By-Night record the lease liability on June 30, 2021, before any payments are made, assuming that the first payment will be made on June 30, 2021? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Payment: PV - 06/30/2021: