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 $$1,400,000$ 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 $$1$ and PVAD of $$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 $30,2024?$

Complete this question by entering your answers in the tabs below.

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 $30,2025?$

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