On June FlyByNight Airlines leased a jumbo jet from Boeing Corporation. The terms of the lease require FlyByNight to make annual payments of $ on each June Generally accepted accounting principles require this lease to be recorded as a liability for the present value of scheduled payments. Assume that a interest rate properly reflects the time value of money in this situation.
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
At what amount should FlyByNight record the lease liability on June assuming that the first payment will be made on June
At what amount should FlyByNight record the lease liability on June before any payments are made, assuming that the first payment will be made on June
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At what amount should FlyByNight record the lease liability on June assuming that the first payment will be made on June
Note: Round your final answers to nearest whole dollar amount.
tableTable Excel, or calculator function,PVA of $
