lease arrangement. Northern Edison the preparation of the lease documents. The agreements in incurred $100,000 in legal fees for 2021, and at each January 1 thereafter through agreement specifies annual payments of $50 million beginning January 1 . the leased equipment is $390 million as of nine years, the equipment has a seful life of 11 years with no salvage valuse the leasm is only for Remember the Remember the identity: FV of item = PV of the LPS + PV of the RV a. Classify the lease for SlowFlow Electric (without providing an explanation). b. Prepare all the December 31, 2021 journal entries for SlowFlow Electric