Sashigane: The Fives Have It

Question

^{This is an entry for Fortnightly Topic Challenge #44: Introduce a new grid deduction genre to the community}

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This is a Sashigane puzzle, where you divide the grid into L shapes.

Rules taken from Nikoli:

• Divide the grid into L shaped blocks - one block wide. All blocks must be L shaped.
• Cells with open circles form the knee (bend) in a block.
• The number in an open circle shows the number of cells in its block. Open circles without numbers may have any number of cells.
• Cells with arrows form one end of its block, the arrow points towards the knee of this block.
• The number of marks in a block (arrows or open circles) may be 0, 1, 2, or 3.

An example puzzle and its solution, taken from Nikoli:

Now, solve this puzzle:

Here is the puzzle in a playable form. The link leads to a puzz.link editor (which has a timer, if you care about that).

First answer with a fully-explained logical solution path gets the checkmark.

CSV version:

,,,,,,◯,,←,
,4,,,◯,,,,,
,,,,,,,,,
,,,,,,←,,,
,,,5,,5,,5,,
,,5,,5,,5,,,
,,,←,,,,,,
,,,,,,,,,
,,,,,◯,,,4,
,↑,,◯,,,,,,

Answer 1

Hooray! The answer is as follows:

Solving progress: