River, president of Miller Custom Coffee Roasters, drives a 2022 Mercedes E300 with a fair market value of $57,400. The lease value is $14,750. The odometer started at 710 and was reported at 31,110 at the end of the year. The car was available all of 2023. River reported driving 30,400 miles during 2023, of which 10,000 were for personal reasons. The company pays all fuel and charges five cents per personal mile for fuel costs. Required: What is River's 2023 valuation using the lease value rule? Note: Round "Percent of Personal Use" to one decimal place and round your final answer to 2 decimal places. Total personal use taxable income

River, president of Miller Custom Coffee Roasters, drives a 2022 Mercedes E300 with a fair market value of $57,400. The lease value is $14,750. The odometer started at 710 and was reported at 31,110 at the end of the year. The car was available all of 2023. River reported driving 30,400 miles during 2023, of which 10,000 were for personal reasons. The company pays all fuel and charges five cents per personal mile for fuel costs. Required: What is River's 2023 valuation using the lease value rule? Note: Round "Percent of Personal Use" to one decimal place and round your final answer to 2 decimal places. Total personal use taxable income

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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