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Employee X has full use of an employer-owned vehicle. Details are provided below: Vehicle was purchased for the employee use in: mid-December Original cost of

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Employee X has full use of an employer-owned vehicle. Details are provided below: Vehicle was purchased for the employee use in: mid-December Original cost of the vehicle to the employer, including HST: $25,000 Capital cost allowance to be claimed by employer (current calendar year): $4,792 Operating costs for the year paid by the employer, including HST and insurance (of $600) (current calendar year): $4,500 Personal-use kilometers (current calendar year): 14,000 Number of months available (current calendar year): 12 Reimbursement to employer for personal use at 15 cents per kilometer (current calendar year): 2,100 Required: compute the standby charge AND operating cost benefits for 2020, if the business use kilometers are: 12 000. Hint* don't forget to consider the impact of amounts reimbursed. Standby charge of $4,199; Operating cost benefit of $2,100; Total Benefit $4.199 Standby charge of $6,000; Operating cost benefit of $3,920, Total Benefit $9 920 Standby charge of $6,000. Operating cost benefit of $3,920; Total Benefit $7.820 Standby charge of $4.199: Operating cost benefit of $2,100; Total Benefit $6.299

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