Brent Bishop is the vice president of operations froSouthern Swwet Bakery. He drives a 2019 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The prorate annual lease value per Publication 15-b for the vehicle is $10,250. He reported driving 35,250 miles during 2019, of which 20 percent were fro personal reasons. The company pays his fuel and chargers him five cents per miles for fuel chargers. Required: Using the leave value rule, what is the valuation of Brent company car benefits? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Brent Bishop is the vice president of operations froSouthern Swwet Bakery. He drives a 2019 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The prorate annual lease value per Publication 15-b for the vehicle is $10,250. He reported driving 35,250 miles during 2019, of which 20 percent were fro personal reasons. The company pays his fuel and chargers him five cents per miles for fuel chargers. Required: Using the leave value rule, what is the valuation of Brent company car benefits? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brent Bishop is the vice president of operations froSouthern Swwet Bakery. He drives a 2019 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The prorate annual lease value per Publication 15-b for the vehicle is $10,250. He reported driving 35,250 miles during 2019, of which 20 percent were fro personal reasons. The company pays his fuel and chargers him five cents per miles for fuel chargers.
Required:
Using the leave value rule, what is the valuation of Brent company car benefits? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
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