Question
In the current year, Ms. Patel is provided with a vehicle leased by her employer, Everex Ltd. The vehicle originally cost$30,000 and was leased by
In the current year, Ms. Patel is provided with a vehicle leased by her employer, Everex Ltd. The vehicle originally cost$30,000 and was leased by Everex Ltd. in the prior year, on a36-month lease term. Ms. Patel provides you with the followinginformation: Days the vehicle was available for use by Ms. Patel in the current year: 250 Days the vehicle was leased by Everex Ltd. in the current year: 365 Fair market value of the vehicle in the current year: $14,500 Lease payments (including HST, excludinginsurance): $820 per month Total kilometers driven in the currentyear: 29,000 Personal kilometers driven in the current year: 15,000 The minimum standby charge arising from the employer leased vehicle for Ms. Patel in the current year is:
A. $2,320
B. $3,279
C. $4,373
D. $6,560
Why the correct answer is D. $6,560? Please show me the solving steps, thank you
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