Updated: On June 30 of 2021, Fly-By-Night Airlines least a jumbo jet from Boeing corporation. The terms of the lease require Fly-By-Night to make 20 annual payments of $700,000 on each June 30. Generally excepted accounting principles require the slaves 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. (1)at what amount should Fly-By-Night record the lease liability on June 30 of 2021 assuming that the first payment will be made on June 30 of 2022 ?AND (2) before any payments are made assuming that the first payment will be made on June 30, 2021?

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, 20212 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, 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 PV - 6/30/2021 Required 2 > 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, 20212 Complete this question by entering your answers in the tabs below. Required 1 Require 12 At what amount should Required 2 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 n PV - 06/30/2021