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 $9,950. He reported driving 34,950 miles during 2018, 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 Brents company car benefit? (Do not round intermediate calculations and round your final answer to 2 decimal places.)