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help please!! On June 30. 2021, Fy By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By-Night to make
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On June 30. 2021, Fy 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 $100,000 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. (EV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) (Use appropriate foctor(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 ? At what amount should Fly-By-Night record the lease liability on June 30,2021 , assuming that the first payment will be n on June 30,2022? (Round your final answers to nearest whole dollar amount.) 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.) Step by Step Solution
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