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Hello tutor, 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 $$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.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

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 $30,2025?$

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 $30,2024?$

Answer is not complete.

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 llability on June $30,2024,$ before any payments are made, assuming

that the first payment will be made on June $30,2024?$

Note: Round your final answers to nearest whole dollar amount.

I$\text{'}$m struggling with this area, are you able to show solution and please box the table $,$ pv and payment from required question $1$ and $2$

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