first payment was made at the beginning of the lease. How should Chloe classify this lease? Chloe Co. leased non-specialized equipment to Ace Corporation for an eight-year period, at which time possession of the equipment will revert back to Chloe. The equipment cost Chloe $15 million and has an expected useful life of 12 years. Its normal sales price is $20 million. The present value of the lease payments for both the lessor and lessee is $18.4 million. The Finance lease Sales-type lease without selling profit Sales-type lease with selling profit Operating lease