On June 30, 2024, 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. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and Required: 1. At what amount should Fly-By-Night record the lease liability on June 30,2024 , assuming that the first payment will be made on June 30,2025 ? 2. At what amount should Fly-By-Night record the lease liability on June 30,2024 , before any payments are made, assuming that the first payment will be made on June 30,2024