Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a $2021$ Toyota Prius as his company

car, and it has a fair market value of $$41,500.$ The prorated annual lease value per Publication $15-$b for the vehicle is $$10,750.$

He reported driving $34,750$ miles during $2021,$ of which $20$ percent were for personal reasons. The company pays his fuel

and charges him five cents per mile for fuel charges.

Required:

Using the lease value rule, what is the valuation of Brent's company car benefit? $($Do not round intermediate calculations

and round your final answer to $2$ decimal places.$)$

Valuation of Brent's company car benefit