Marc Lusebrink, sole proprietor of Oak Company, bought a used automobile and drove it 6,000 miles through June 30, 2022 and another7,000 miles during the remainder of the year, all for business purposes. Total miles (including business miles) is 16,000. His total expensesfor his automobile for the year are:GasolineOil changesInsuranceTiresRepairsTotal$2,0616,85092The automobile cost $20,000 on January 1, and depreciation expense for the year, including business use, was $4,000. His businessparking and toll fees for business amount to $327.Which method should Marc use?Standard mileage1,030225620$4,028Calculate Marc's transportation expense deduction for the year under each method listed below.Round business use to the two decimal percentages. If required, round your answers to the nearest dollar.Standard Mileage Method: $ 9,360 XActual Cost Method:

The standard mileage rate for 2022 are as follows:For January 1 to June 30, 2022, = 54.5 cents per…

Round business use to the two decimal percentages. If required, round your answers to the nearest dollar. Standard Mileage Method: $ 9,360 X Actual Cost Method: 6,850 Which method should Marc use? Standard mileage

Round business use to the two decimal percentages. If required, round your answers to the nearest dollar. Standard Mileage Method: $ 9,360 X Actual Cost Method: 6,850 Which method should Marc use? Standard mileage

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please don't not give image format