LO 4-4 River, president of Miller Custom Coffee Roasters, drives a 2022 Mercedes E300 with a fair market value of $57,500. The lease value is

$14,750. The odometer started at 655 and was reported at 32,855 at the end of the year. The car was available all of 2023. River reported driving 32,200 miles during 2023, of which 9,800 were for personal reasons.

The company pays all fuel and charges five cents per personal mile for fuel costs. What is River’s 2023 valuation using the lease value rule?