Exercise 21-14 February 20, 2017, Vaughn Inc. purchased a machine for $1,563,600 for the purpose of leasing it. The machine is expected to have a 10-year life, no res basis. The machine was leased to Bram ble Company on March 1, 2017, for a 4-year period at a monthly rental of $19,300. and will be depreciated on the straight-line There is no provision for the renewal of the associated with negotiating the lease in February 2017. e of the machine by the lessee at the expiration of the lease term. Vaughn paid $31,680 of commissions (a) What expense e Company record as a result of the facts above for the year ended December 31, 2017 Rent Expense (b) What income or loss before income taxes should Vaughn record as a result of the facts above for t over the life of the lease.) he year ended December 31, 2017 ? (Hint: Amortize Income from lease before taxes Click if you would like to Show Work for this question: Open Show Work