od 9 Homework 7 On June 2021, Rly-By-Night Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require Fly-By Night to moke 20 annual payments of $1,600,000 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 SI. FVAD of $1 and PVAD of $1 (Use appropriate factors from the tables provided) Seped 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? eBool Complete this question by entering your answers in the tabs below. Required Required 2 Atendhal amount should Fly By Night record the lease liability on June 30, 2021, assuming that the first payment will be made on June 30, 20227 [Round your final answers to rest whole dollar amount) Tears at: Pay F.: 2021 Required 2 > 1.00-LUdexternal browser Homework On June 30, 2021 Ay 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 $1600,000 on each June 30. Generally accepted accounting principles require this lease to be recorded as a lbility for the present value of scheduled payments. Assume that a 7% interest rate properly reflects the time value of money in the situation. (FV of $1. PV of SLEVA of S1. PVA SI. FVAD of 51 and PVAD of $1 (Use appropriate factors) 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, 20229 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? complets Required 2 stering your answers in the tabs below. 1 Regurite? Newhat amount should Fly-By-Night record the latesblity on June 30, 2021, before any payments we made, assuming that the first dayment will be made on June 30, 2021 Yound your finanswers to nearest whole dollar The conction Payment PV/2011