Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a...
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Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a 2017 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The annual lease for the vehicle is $10,600. He reported driving 35,600 miles during 2017, of which 20 percent were for personal reasons. The company pays his fuel and charges him five cents per mile for fuel charges. Using the lease value rule. Required: What is the valuation of Brents company car benefit? (Do not round intermediate calculations and round your final answer to 2 decimal places.) rev: 08_03_2018_QC_CS-132942
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