Truck: The truck is a Ford F-150 extended cab pick-up that James uses for both business and personal purposes-see Note 8 for operating costs. The truck was purchased on June 1, 2019 at a cost of $55,000. For tax purposes, maximum CCA was deducted in 2019 leaving a UCC balance on January 1, 2020 of $25,000.

Note 8: James has a truck that he uses for both business and personal purposes. Total distance driven for the year was 29,500 km of which 90% were for business (26,500 km). Total truck expenses for 2020 paid by the business were as follows (included in the financial information above):

Insurance-$2,000

Fuel-$3,200

Maintenance-$2,500

Question: Just need some help in calculating the Standby Charge, Operating Cost and the Taxable Benefit for the truck. I have calculations of my own, but just wanted to double check that my math is correct. Thank you!