Arnold Industries lead equipment to Logan Company on January 1, 2021 Arnold recorded the lenses sales type lease at $120,000, the present value of lease payment discounted at the lease call for en smulease payments of 516,000 due each January 1 with the first payment at January 1, 2021 the beginning of the lease. The niet being leased cout Amold S100,000 to produce Cous of $1.330 for legal fees for the least execution were the responsibility of the lesson. The total increase in earnings (pretex) en Amolds 2021 income statement would be $26,000 58 320 $28,320 $27,000