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Janice Lucas is the president of Miller Custom Coffee Roasters. She drives a 2018 Mercedes E300 with a fair market value of $57,500. The lease value is $14,750. The odometer started at 690 and was reported at 31,590 at the end of the year. The car was available all of 2019. Janice reported that she drove 30,900 miles during 2019, of which 10,200 were for personal reasons. The company pays all her fuel and charges her 5.5 cents per personal mile for fuel costs.
Required:
Problem 1: What is her 2019 valuation using the lease value rule?
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